An organisation established primarily to serve as Namibia’s national oil company under the Ministry of Mines and Energy has faced controversy from as far back as 2005.
Here follows the history of the National Petroleum Corporation of Namibia (Namcor), which was established in 1990:
2005 – The government flags risks in the Glencore fuel import deal.
2006 – The Anti-Corruption Commission (ACC) investigates a N$2.4-billion supply contract with local partner Namibia Liquid Fuels (NLF).
2007 – A fuel import shift leads to higher local prices.
April 2007 – Sam Beukes is appointed as Namcor managing director (MD) after Joe Mazeingo dies.
2008 – Namcor suffers heavy losses in fuel deals as delayed shipments and currency woes force resale to Afroneft.
October 2009 – A PwC audit reveals that Namcor lost N$195?million within just nine months in an agreement deal with Glencore.
2009 – Fuel is sold below cost. Namcor imports fuel at an exchange rate of N$10.80/US$, but sells at the government-mandated rate of only N$7.89/US$.
November 2010: The government revokes Namcor’s fuel import mandate to import 50% of Namibia’s fuel.
2010: Namcor suspends information technology executive Bonifatius Konjore for investigations into fuel delivery discrepancies involving suspicions of mismanagement and theft.
May 2011– A Cabinet brief reveals alleged Glencore ‘dirty’ tactics and bad faith negotiations.
11 May 2011 – Disciplinary action against Sam Beukes begins.
18 November 2011 – Beukes is dismissed following audit and board recommendations.
April 2012 – Glencore has Namcor in a debt trap.
June 2012 – The Supreme Court reviews the Cabinet’s cancellation of Namcor’s 50% fuel-import mandate.
November 2012 – Obeth Kandjoze is appointed as Namcor MD.
May 2013 – Former Namcor partner Swiss firm Glencore is cited in N$6-billion Angola probe.
2014 – Concerns arise over Namcor’s growing exposure to risky partnerships and potential conflicts of interest.
August 2015 – Long-serving petroleum commissioner Imms Mulunga is appointed MD of Namcor, replacing Kandjoze.
18 December 2017 – Namcor commissions auditing firm Deloitte to conduct a full forensic investigation into alleged misconduct by Mulunga.
27 April 2018 – Mulunga explains that the contract was irregular, and that he had not verified whether Namcor had the funds to pay Deloitte.
June 2018 – Namcor is in a bind over a N$1.7-million payment to auditing firm Deloitte after the finance ministry says it is unauthorised.
August 2019 – Namcor signs N$3.2 billion fuel deal with Swakop Uranium.
October 2020 – Namcor reappoints Mulunga as MD for another five years.
March 2021– Namcor officially takes control of the national oil storage facility.
May 2022 – Namcor is in a hurry to complete its investment in the Angolan block.
May 2022 – The board opens an investigation into Mulunga’s N$100-million deposit.
March 2023 – Namcor former board member Jennifer Comalie is caught in a drug bust.
April 2023 – Former finance minister Iipumbu Shiimi approves the payment of N$375 000 for unapproved board meetings at Namcor that discussed Mulunga’s controversial N$100-million deal. Namcor suspends Mulunga, and the ACC summons Namcor’s board over the Angola oil deal.
April 2023 – Shiwana Ndeunyema, the executive for business strategy, is appointed as acting MD.
April 2023 – July 2023 – ACC clears Mulunga of any wrongdoing.
June 2023 – Namcor agrees to pay its finance executive, Jennifer Hamukwaya, N$1.6 million to leave the company.
August 2023 – Namcor investigates botched N$60-million military oil deaI involving Enercon.
August 2023 – Ndeunyema expresses his intention to step down from his position as acting managing director.
November 2023 – Supply and logistics manager Cornelius ‘Cedric’ Willemse resigns from the parastatal, citing personal reasons.
December 2023 – Namcor says Mulunga fraudulently paid N$53 million for government tanks.
January 2024 – Deputy Bank of Namibia governor Ebson Uanguta is appointed as Namcor’s interim managing director.
August 2024 – Former Namcor board is in the dark over Mulunga’s N$8-billion Angola oil deal. Mulunga is dismissed from his role as MD following escalating controversies.
March 2025 – Ebson Uanguta leaves Namcor as interim MD.
28 March 2025 – Namcor appoints Victoria Sibeya as acting MD.
8-9 July 2025 – The ACC arrests Mulunga, Hamukwaya, Willemse, and others (including Peter and Malakia Elindi).
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