Blog – Page 10 – News Stand

25 Feb

More oil discovered in Namibia’s Orange Basin

info_e12wt4csEnergy, Observer Money

Niël Terblanché Custos Energy (Pty) Ltd. has reported a successful second exploration and appraisal campaign in the Orange Basin, specifically in blocks 2813A and 2814B on Tuesday These blocks, governed by Petroleum Exploration License 83 (PEL 83), are operated by a subsidiary of Galp Energia, SGPS, S.A., with Custos and the National Petroleum Corporation of Namibia (NAMCOR) each holding a 10% working interest. The chief executive officer of Custos Energy, Knowledge Katti, announced that the PEL 83 Joint Venture partners have successfully drilled, cored, and logged the Mopane-3X well, which commenced on 2 January 2025. Located 18 kilometers from the…

25 Feb

GIPF issues warning against doing business with Myrtle Growth Capital

info_e12wt4csFeatured, Observer Money

Niël Terblanché The Government Institutions Pension Fund (GIPF) has issued an urgent public cautionary notice regarding an ongoing legal battle against Myrtle Growth Capital (Pty) Ltd. The GIPF, warning that the company has no authority to sell or dispose of shares held on behalf of the Namibia Mid Cap Fund (NMCF). According to GIPF’s marketing and stakeholders engagement general manager, Edwin Tjiramba, the litigation currently before the High Court of Namibia seeks to prevent Myrtle Growth Capital from unlawfully handling shares in various unlisted investments. “Myrtle Growth Capital is the former fund manager of the NMCF, but was deregistered as…

25 Feb

Benjamin to unveil 40-man Brave Warriors squad for World Cup qualifiers

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Erasmus Shalihaxwe Brave Warriors head coach, Collin Benjamin is set to announce a preliminary squad of 40 players for the upcoming World Cup qualifying games in March. Isack Hamata, spokesperson of the Namibia Football Association, confirmed that the senior national team coach could make the announcement on Wednesday or Thursday. Captain Peter Shalulile and Deon Hotto are among the key players expected to be named in the squad. Shalulile, who plays for Mamelodi Sundowns in the South African Betway Premiership, has scored five league goals this season. His team currently leads the standings with 48 points from 18 games. Hotto,…

25 Feb

Shinima to face South Africa’s Thysse in title fight

info_e12wt4csSports

Erasmus Shalihaxwe Namibian professional boxer Charles Shinima is set to face South Africa’s Brandon Thysse for the World Boxing Council (WBC) Silver Welterweight title this Saturday at Emperor’s Palace in Johannesburg, South Africa. The event will also feature other fights. Shinima, previously associated with MTC Nestor Tobias and Sun Shine Boxing and Fitness Academy, is now trained and promoted by Emmanuel Moses of the African Connection Boxing Club. He has a professional record of 19 fights, with 18 wins and only one loss, boasting a 66.67% knockout rate since starting his career in 2017. His opponent, Thysse, has 22 professional…

25 Feb

BoN explores digital currencies for financial inclusion and payments

info_e12wt4csObserver Money

Allexer Namundjembo The Bank of Namibia (BoN) is exploring the potential of central bank digital currencies (CBDCs) to improve financial inclusion and streamline cross-border payments. Kazembire Zemburuka, director of strategic communications and international relations, said the central bank is in the ‘preparation phase’ of evaluating a domestic CBDC. According to him, the BoN is examining the desirability of CBDCs for the retail and wholesale sectors, as well as their potential for cross-border payments. “The bank’s exploration is guided by the IMF's 5P Methodology and involves extensive research and staff training,” Zemburuka said. He added that a recent feasibility study, conducted…

24 Feb

Ghana’s former President Kufuor honours Nujoma’s contributions

info_e12wt4csNational News

Ester Mbathera Former Ghanaian President John Agyekum Kufuor described the late Founding President of Namibia, Sam Nujoma, as a visionary leader and freedom fighter who left a lasting impact on Namibia and Africa. Kufuor made the remarks during a memorial held in honour of Nujoma in Accra, Ghana, on Friday. “Dr Nujoma was more than just a political leader. He was a towering figure of strength and resilience, whose unwavering commitment to the liberation of his people epitomised the essence of African unity and self-determination,’ he said. According to Kufuor, Namibia emerged as a symbol of hope and stability in…

24 Feb

NIDA tables first annual report in six years

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Ester Mbathera The Namibia Industrial Development Agency (NIDA) has reported that its cost-to-income ratio remains high, with expenses surpassing income. The agency’s executive consultant and chief financial officer, Julius Nghikevali, revealed this during the release of NIDA's six-year abridged annual report for the financial years 2018/2019 to 2023/2024, released on Monday in Windhoek. “That is a picture that any business would need to change and that is a key focus area for us,” he said. Despite the challenges, NIDA has achieved a 30% growth in total assets from 2019 to 2024, primarily due to investment properties. “The investment property aspect…

24 Feb

Erongo councillors claim exclusion from Nujoma’s memorial programme

info_e12wt4csNational News

Allexer Namundjembo Opposition regional councillors in the Erongo region have accused the office of the governor of failing to consult them on the drafting of the programme for the state memorial service for the Founding President Sam Nujoma. The memorial service will take place on Tuesday in Walvis Bay at the Kuisebmond stadium. Walvis Bay Rural constituency councillor Donatus Tegako, a member of the Independent Patriots for Change (IPC), said that he was not invited to discuss the programme. “The program was not discussed with regional councillors. It is the governor’s thing. They probably drafted it with the Swapo regional…

24 Feb

Namibia hosts African Seismological Assembly

info_e12wt4csNational News

Allexer Namundjembo The 4th General Assembly of the African Seismological Commission (AfSC) is taking place in Namibia for the first time. The three-day event, currently underway, has brought together seismologists from across Africa to discuss, collaborate, and improve regional seismic monitoring. Key topics include Namibia’s seismological network and a review of earthquake events in various African countries. Penda Ithindi, the executive director of Namibia’s Ministry of Mines and Energy, spoke at the opening of the Assembly yesterday at Avani. He highlighted the growth of the AfSC since its launch in 2014. Ithindi emphasised the importance of seismology in addressing regional…

24 Feb

The Call for Unity: Economic Freedom and Self-Sufficiency for Africa

info_e12wt4csOpinions

Lilungwe Mutafela As African countries face increasing external pressures from Western nations and the European Union, the time has come for the continent to unite and strive for economic freedom and independence. For too long, Africa has been depicted as a continent of dependency, but the message now is clear: Africa must rise and shape its own future. The Vision of Economic Integration One key step in achieving this vision is fostering economic integration. Initiatives like the African Continental Free Trade Area (AfCFTA) are instrumental in reducing trade barriers and promoting regional cooperation. These measures can help African nations reduce their…