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SOE directors to be financially liable for decisions
17 Apr

SOE directors to be financially liable for decisions

ObserverUncategorised, , ,
Maria Hamutenya, Andrew Kathindi Public Enterprise Minister, Leon Jooste, says State-owned Enterprises (SOEs) directors appointed to boards will now be made financially liable for any decision that they enter into on behalf of SOEs that are not in the best interest of the entity. According to Jooste, the Public Enterprises Governance Act (PEGA) has a provision that makes directors appointed, personally liable for the financial implication of the decisions which they enter into on behalf of the said SOE. The development comes as multitudes of Namibians have been applying to seat on SOE boards mainly induced by the benefits and…
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ReconAfrica makes onshore oil and gas find in the Kavango
16 Apr

ReconAfrica makes onshore oil and gas find in the Kavango

ObserverObserver Money
Staff Writer Listed Canadian oil and gas company, Reconnaissance Energy Africa announced on Thursday that it has found oil and gas indicators and shows over three intervals at its first well onshore the Kavango. The well according to the company, found more than 200 metres of indicators and shows. “The components and processes for a working petroleum system are all present, “ReconAfrica’s board member Dan Jarvie. Jarvie said shows indicated “migrated, thermogenic petroleum” had been found over three intervals in the Kavango Basin well. “Mud gas results indicate a high BTU gas with the presence of light oil in numerous…
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Uutoni, Jooste in the dark over NHE suspensions
16 Apr

Uutoni, Jooste in the dark over NHE suspensions

ObserverObserver Money
Rose-Mary Haufiku The two line ministers under which the National Housing Enterprise (NHE) falls under, Erastus Uutoni and Leone Jooste are not aware that the company’s Chief Executive Officer (CEO), Gisbertus Mukulu, had suspend four of the enterprise’s senior managers. Mukulu’s action, which has been seen as retaliation, comes after the managers had formally written a letter to company’s board chaired by recently appointed NamRa boss, Sam Shivute, questioning the CEO’s competence. Public Enterprises Minister, Leone Jooste whose ministry is charged with ensuring corporate governance is followed in government institutions, said he had not been consulted on the decision. “I…
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AstraZeneca finally arrives …as ministry misses vaccination target
16 Apr

AstraZeneca finally arrives …as ministry misses vaccination target

ObserverObserver Money, , ,
Kandjemuni Kamuiiri Namibia is set to get more doses of the COVID-19 vaccine, with the much-awaited AstraZeneca expected to arrive in the country Friday morning. According to Health Ministry Deputy Executive Director, Petronella Masabane, the consignment will be the first of three tranches of doses the country will be expecting. “First tranche of 24 000 doses will be landing. Next week expecting more and the rest of the allocation in May from COVAX, also exploring other pipelines," Masabane said. The arrival of the vaccine, which is being sourced under COVAX facility, comes more than three months after it was initially…
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Chaos reigns in Parliament again …as Geingob delivers his state of the nation
16 Apr

Chaos reigns in Parliament again …as Geingob delivers his state of the nation

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Andrew Kathindi President Hage Geingob’s State of the Nation address (Sona) was brought to an unceremonious end when chaos broke out in Parliament on Thursday. Landless People’s Movement (LPM) leader, Bernardus Swatbooi, and the party’s second in charge, Henny Seibeb, where thrown out of Parliament during a question-and-answer session after the President had delivered his Sona. Seibeb appeared to have been removed by the President’s guards from the chambers after flinging documents in the direction of Geingob. According to the Speaker of the National Assembly, Peter Katjavivi, he foresaw this coming. "This has been coming for a while. I really…
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GIPF increases pension benefits
15 Apr

GIPF increases pension benefits

ObserverUncategorised,
Staff Writer The Government Institutions Pension Fund (GIPF) has announced a 3 percent pension benefit increase, effective 01 April 2021 for all GIPF pensioners. The decision according to the fund, is aimed at cushioning pensioners against touch economic conditions in the country, which have in turn eroded consumer’s purchasing power. “Amidst the current volatile economic outlook, the Fund continues to provide guaranteed benefits to members. A pension increase serves to cushion pensioners from unexpected changes in their purchasing power and hence the incessant ability to increase members’ benefits annually is driven by the Fund’s collective commitment to guard and grow…
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BoN Governor defends high bank charges
15 Apr

BoN Governor defends high bank charges

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Kandjemuni Kamuiiri Bank of Namibia (BoN) Governor, Johannes !Gawaxab, has come out in defence of existing high banking fees and charges,stating that it was not the role of the central bank to detect what should be charged. This comes amid concern that high bank charges and fees in the country are contributing to financial exclusion, as members of the public shy away from the formal banking system. “We need to be careful that we don’t go tell the banks ‘thou shall charge the following fees’ because if that happens then we have got issues with financial stability in the country…
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Swartbooi threatens to report PM to ACC
15 Apr

Swartbooi threatens to report PM to ACC

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Andrew Kathindi Landless People’s Movement (LPM) leader, Bernardus Swartbooi, is threatening to report Prime Minister, Saara Kuugongelwa-Amadhila, to the Anti-Corruption Commission (ACC) over allegations that she illegally occupied a farm which she sold to Government. The Ministry of Agriculture, Water and Land Reform approved the purchase of two farms belonging to the Prime Minister to the tune of N$14 million. Swartbooi alleged that the Prime Minister illegally occupied the farms that were originally placed under her portfolio, but meant to be rehabilitated for resettlement of generational workers from the San Community. “Once we have acquired each and every part of…
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Digital Transformation and the Future: F = D + P = V
14 Apr

Digital Transformation and the Future: F = D + P = V

ObserverUncategorised,
Sergio de Sousa The phrase ‘Digital transformation’ has various definitions and perspectives. Regardless of the definition, it’s the intent behind the transformation that counts. The objective of any digital transformation initiative should be to use technology optimally, enabling a business to succeed in the future. To understand how to optimally use technology now, you must predict what you will need to do to win in the future. How can we future proof our companies in these uncertain and unpredictable times? In order to demystify the future (F), here is a practical formula; F = D + P = V. Let’s…
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Ombudsman blames Jooste for SOE, August 26 mess
14 Apr

Ombudsman blames Jooste for SOE, August 26 mess

ObserverObserver Money, , ,
Maria Hamutenya Ombudsman, John Walters, is partly blaming Public Enterprises Minister, Leon Jooste, for the current problems the country’s State Owned Enterprises are facing, in particular August 26. The Minister allegedly has not cooperated during an investigation by the Ombudsman into August 26, while also covering compliance of all public enterprises (PEs) with regards to submitting annual financial statements. The long serving Ombudsman said the Minister even ignored his recommendations, including those which called for August 26 to be audited. “He failed to do more, that’s the reason he did not implement my recommendations. In fact he did not even…
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