The National Petroleum Corporation of Namibia (Namcor) board of directors is threatening to resign over what it describes as political interference, including alleged pressure to sabotage the N$480-million fuel corruption case currently in court.
The standoff comes as former deputy finance minister Maureen Hinda-Mbuende assumed office as Namcor’s acting managing director this week – a move the board has opposed, but was forced to accept after the recommendation came from minister of industries, mines and energy Natangue Ithete.
Hinda-Mbuende has over the years portrayed herself as a close associate of president Netumbo Nandi-Ndaitwah.
Sources familiar with this matter say the board – of which the members are expected to testify in the high-profile corruption case – is being cornered by two senior government officials who sympathise with the suspects.
In 2023, the Namcor board opened a case involving fuel supply and the construction of facilities for the Namibian Defence Force (NDF).
It has since become an Anti-Corruption Commission case, worth N$480 million, according to state prosecutors.
The board is allegedly being pushed to drop the labour case against ex-managing director Imms Mulunga.
“After the bail hearing proceedings, the board is being put under pressure and told there is no case there. There is also pressure to drop the Mulunga labour case, because more than N$6 million has already been spent on legal fees,” a source close to the matter says.
Mulunga has a pending Labour Court case fighting his alleged unfair dismissal as Namcor boss.
The current board was appointed on 1 July 2024 by ex-minister of finance Iipumbu Shiimi, but has since allegedly found the job tough after Ithete was appointed minister of industries, mines and energy in March 2025.
Namcor’s boards have over the years served as a last line of defence in dealing with alleged irregularities.
In July, the board allegedly wrote a letter to the government, asking Ithete to stop interfering in their decisions.
Now, The Namibian understands that the majority of board members, chaired by Florentia Amuenje, are considering resigning.
A source estimates this at 80% of the members.
NEW ACTING MD
Hinda-Mbuende’s rise to power at Namcor has raised eyebrows, with some viewing her appointment as an example of how Nandi-Ndaitwah’s government is undermining boards and imposing decisions.
Hinda-Mbuende, who worked as deputy finance minister from 2015 to 2020 and previously acted as managing director of City Savings and Investment Bank, was hand-picked by Ithete to lead the national oil company.
Her appointment is seen by some as part of the plan of politically connected individuals to get their way in millions worth of deals.
Namcor board members view her appointment and the abrupt suspension of their own recruitment process as yet another example of political overreach.
The board was in the final stages of appointing a managing director after advertising the post in January, but the process was stopped after Ithete took office in March.
Sources claim the minister directed the board to stop the recruitment process to pave the way for a candidate of his choice – Hinda-Mbuende.
Some players are said to have expressed their reservations after acting managing director Victoria Sibeya was replaced by Hinda-Mbuende this week.
Despite the troubles, Hinda-Mbuende on Monday said she is ready to lead Namcor.
“I can tell you, it’s doable. Namcor is indeed at the centre of the prospects and potential prospects the industry presents, and thus has an important role to play in building confidence both among ourselves as citizenry and the market,” she said.
Hinda-Mbuende said she would continue with the foundation already laid.
“It’s not like it’s a new company for me to bring up to speed, and I am confident that as a collective, we can make it happen. The media is a critical partner in rebuilding confidence and ensuring success,” she said.
‘GHANA MUST GO’
Tensions have already been high in the corridors of power at Namcor when the board rejected a Ghanaian company’s proposal to take over the parastatal’s debt, a deal Ithete reportedly pushed despite high interest rates the company would incur if the contract was to realise. Ithete did not answer questions sent to him yesterday, but denied a fallout with the board in July. Questions sent to the board were not answered this week.
Sources familiar with the matter say the minister has warned that if the parastatal’s debt is not cleared by the end of July, the government would consider bringing in a Ghanaian or Swedish company to bail it out – a move that could effectively sideline the national oil firm.
Namcor still owes N$800 million under a restrictive fuel supply agreement and another N$800 million to other creditors.
The board has written a letter opposing the minister’s interference.
The board, Ithete and Cabinet ministers had a meeting in July.
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