Observer Money

Staff Writer Reconnaissance Energy Africa Ltd (ReconAfrica) has expanded its portfolio with an entry into Gabon’s offshore oil and gas sector.  The company signed a production sharing contract and joint venture agreement with Gabon Oil Company (GOC) and Record Resources Inc. The deal covers Block C-7, renamed Ngulu, located in shallow waters offshore central Gabon. ReconAfrica will operate the block with a 55% working interest. Record Resources holds 20%, GOC 15%, and the Republic of Gabon a 10% carried interest. Ngulu covers 1 214 square kilometres and lies close to producing fields with reserves of between 38 million and 250…

Staff Writer MTC Maris and the ministry of information and communication technology (MICT) are exploring collaboration to accelerate digital transactions.  The financial technology company, a subsidiary of MTC Namibia, paid a courtesy visit to ICT minister Emma Theofelus to introduce its operations and discuss potential partnerships. Led by board chairperson Jerome Namaseb, the MTC Maris team presented the company’s new innovations and solutions.  The discussions looked at possible cooperation through the upcoming Mega Hackathon, financial education initiatives, and joint efforts with other government departments to expand digital services across government. “The future of e-money in Namibia is where we are…

Chamwe Kaira The Namibian Competition Commission (NaCC) has unconditionally approved the takeover of Barloworld Limited’s operations in Namibia by Newco. “The parties therefore confirm that the standby offer condition relating to the receipt of approval from the Namibian Competition Commission has been fulfilled,” the company said. Barloworld and Newco announced the proposed deal on 28 February. Since then, the parties have been securing approvals from regulators across the region.  On 26 August, the Botswana Competition and Consumer Authority informed the two companies that it had unconditionally approved the implementation of the Newco offer.  “The parties therefore confirm that the standby…

Chamwe Kaira  Oryx Properties Limited profit for the year ended 30 June dropped to N$90 million compared to N$416 million last year. The company said reported profit, earnings per share, and headline earnings were hit mainly by the derecognition of deferred tax assets. This followed legislative changes that limit the carry-forward period for assessed losses to five years. “Although further amendments may be required on an annual basis, they are not expected to be material relative to the adjustments made in the current year. Had these legislative changes not occurred, the Group’s profit for the year, earnings per share, and…

Chamwe Kaira FirstRand Namibia reported a net profit after tax of N$1.9 billion for the year ended 30 June 2025, up 12.2% from N$1.7 billion in 2024. The group  said the results were driven by customer growth, higher transaction volumes, and effective cost containment despite rising impairments. Return on equity improved to 28.6% from 27.8%. Net asset value per share rose to 2,676 cents from 2,329 cents. A dividend of 476.34 cents per share was declared, representing a 34.7% year-on-year increase.  “We are pleased with our progress on the key drivers of shareholder value creation. Our performance reflects disciplined financial…

Staff Writer The Capricorn Foundation has invested N$41.6 million in more than 100 corporate social responsibility projects since its establishment in 2020. The foundation is funded by Capricorn Group’s Namibian subsidiaries Bank Windhoek, Capricorn Asset Management, and Entrepo. “We look forward to making even more positive impact in the next five years and to also apply the experience of the past five years, to assist other NGO's to build capacity, including our subsidiary in Botswana, where we are in the process of establishing the Capricorn Foundation,” said Marlize Horn, executive officer of the Capricorn Foundation. The Capricorn Group released its…

Staff Writer The African Union Development Agency (AUDA-NEPAD) and the African Union Commission (AUC), in collaboration with the Angolan government, will host Africa’s biggest infrastructure financing summit from 28 to 31 October 2025 in Luanda. The event follows the momentum of previous gatherings, including the 2023 Dakar Infrastructure Financing Summit.  It forms part of a continental effort to unlock investments and partnerships in support of the African Union’s Agenda 2063 infrastructure goals under the Programme for Infrastructure Development in Africa (PIDA). The summit comes at a time when Africa faces an annual infrastructure financing gap of more than US$100 billion…

Chamwe Kaira  Starlink’s application to operate in Namibia remains unresolved, as the process is tied up in local ownership requirements. Communications Regulatory Authority of Namibia (Cran) chief executive officer, Emilia Nghikembua, said the regulator cannot finalise the company’s telecommunications service licence until the minister of information and communication technology decides on an ownership exemption request. “Starlink submitted an application for a telecommunications service licence in June 2024. One of the criteria is that an applicant must be 51% Namibian owned and controlled,” Nghikembua said.  In November 2024, Cran issued a cease-and-desist order to Elon Musk's satellite internet provider, Starlink, for…

Chamwe Kaira  Debmarine Namibia has contributed N$18 billion to its shareholders, De Beers and the Namibian government, over the past five years. Debmarine's chief executive officer, Willy Mertens, said the company will continue to recover diamonds in a safe and sustainable way while creating value for shareholders and leaving a lasting legacy in Namibia. This week, Debmarine unveiled its Next Generation Crawlers, which will be integrated with the MV Benguela Gem.  The official unveiling took place at Cape Town harbour. The new crawlers are expected to increase the Benguela Gem’s annual recovery by about 80 000 high-value carats, more than…

Observer Money had a sit-down with Communications Regulatory Authority of Namibia (Cran) chief executive officer Emilia Nghikembua about issues in the telecommunications sector. Observer money (OM): Paratus has announced plans to launch its mobile phone offering. What does this mean for the mobile phone market from the Cran’s perspective?  Emilia Nghikembua (EN): Paratus Telecommunications launching a mobile phone service signifies increased market competition, which can benefit consumers through better prices, improved quality of service and customer experience. It encourages innovation, expands network options, and stimulates industry growth. Overall, Paratus’ entry is viewed as a positive development for a more competitive…