Erasmus Shalihaxwe
Sources within the Development Bank of Namibia (DBN) told the Windhoek Observer that the bank’s former boss, John Steytler, was presented with an ultimatum to either resign or face suspension.
The specific reasons for this decision remain undisclosed.
Steytler resigned with immediate effect on Tuesday.
Speculation has also emerged that there is potential that he may be appointed as a cabinet minister under president-elect Netumbo Nandi-Ndaitwah’s incoming cabinet either as finance minister or director general of planning.
Steytler has, however, denied these claims.
““You can quote me on this; I’m definitely not going to Cabinet,” he told the Namibian Sun.
Steytler did not provide further details about his departure from the DBN.
The seasoned economist has served as the DBN’s chief executive officer since September 2023, taking over from Martin Inkumbi, who stepped down from the position in August 2023.
Before DBN, Steytler also served as economic advisor to late President Hage Geingob and as the country’s first Statistician-General at the Namibia Statistics Agency (NSA).
The DBN’s spokesperson, Jerome Mutumbu confirmed Steytler’s resignation, saying that the economist has chosen to explore new opportunities.
“Steytler has served as CEO since September 2023 and has made a marked impact on the bank. We thank him for his service and dedication and wish him well in his future endeavours,” said Mutumba.
He added that the board will begin the recruitment process for the substantive CEO immediately.
“In the interim, Mr. John Mbango, head of coverage and large transactions, a seasoned executive, will act as CEO of the DBN,” said Mutumba.
The board chairperson, Evangelina Nailenge, expressed the board’s appreciation for the commitment and drive.
“The Development Bank of Namibia will continue fulfilling its mandate and serving its clients with the singular aim of contributing to Namibia’s developmental agenda and socioeconomic growth,” the bank added.
