Observer Money

Staff Writer The National Petroleum Corporation of Namibia (Namcor), through its upstream unit Namcor Exploration and Production, has welcomed the start of production testing at the Kavango West-1X discovery well in PEL 73, onshore Namibia. PEL 73 is operated by ReconAfrica with a 70% stake, alongside BW Kudu with 20% and NAMCOR E&P with 10%. The joint venture is focused on developing the Kavango Basin. Regulatory approvals have been secured and work crews are on site preparing the well for testing. The Kavango West-1X well has shown encouraging data. Updated analysis indicates about 75 metres of net hydrocarbon pay in…

Staff Writer Old Mutual Namibia has appointed Sepo Haihambo as managing director designate for the Old Mutual Investment Group (OMIGNAM), effective 1 April 2026. Haihambo has more than 20 years of experience in banking, investment management and financial services. She previously served as chief executive officer for Commercial at First National Bank Namibia and has held senior leadership and board roles in the financial sector. She is a Harvard Business School alumnus. The appointment forms part of OMIGNAM’s leadership and succession planning to support investment delivery and growth. Group chief executive officer Tassius Chigariro said, “Sepo is a highly respected…

Chamwe Kaira  Namibia’s economy grew by 1.7% in real terms in 2025, down from 3.8% recorded in 2024. Real GDP measures total economic output adjusted for inflation, while nominal GDP reflects current prices without adjusting for inflation. Namibia Statistics Agency (NSA) statistician general Alex Shimuafeni said the slowdown was mainly driven by a decline in primary industries. Primary industries contracted by 7.2% in real value added, compared to a decline of 3.2% in 2024.  The drop was driven by mining and quarrying as well as agriculture, forestry and fishing. Mining and quarrying declined by 9.4%, while agriculture, forestry and fishing…

Chamwe Kaira  Finance minister Ericah Shafudah has defended Namibia’s 2026/27 national budget, saying it balances fiscal discipline with the need to protect essential services and support economic recovery. Speaking during the second reading of the appropriation bill, this week Shafudah said the budget does not introduce broad-based tax increases. She said it aims to stabilise revenue without adding pressure on households and businesses. She acknowledged concerns about Namibia’s reliance on Southern African Customs Union (SACU) revenues, which make up about a quarter of total income.  She said this remains a structural risk and that government plans under the sixth National…

Chamwe Kaira  Koryx Copper has reported an increase in the estimated copper at its Haib project in southern Namibia, raising the total from 2.6 million tonnes to 3.5 million tonnes. The company said the higher estimate could extend the life of the project.  Haib is planned as a large open-pit mine where copper will be extracted and processed on site. It is expected to produce about 9 000 tonnes of copper per year. An earlier study showed the project could be viable. The updated figures point to a longer mine life and an improved outlook. Koryx Copper chief executive Heye…

Chamwe Kaira  The African Development Bank has provided N$400 million to support a new women-focused financing initiative by the Development Bank of Namibia (DBN) aimed at boosting women’s participation in the economy. The initiative, called DBN For Her, was launched in Windhoek this week. It is designed to support businesses that are fully owned by women by giving them access to funding to start, grow and expand. Finance Minister Ericah Shafudah said the programme responds to barriers that limit women’s economic participation. “DBN For Her represents a deliberate and strategic response to structural imbalances in our economy. It is not…

Chamwe Kaira  Africa Bitcoin Corporation Limited (ABC) has proposed a share split and changes to its memorandum of incorporation, a move that will affect its listing on the Namibian Stock Exchange. The company, which is listed on the JSE Limited and the NSX under the code BAN, plans a three-for-one subdivision of its ordinary shares. Under the proposal, shareholders will receive three shares for every one they currently hold. The change will not affect ownership or the company’s overall value. The board said the aim is to improve liquidity and make the shares more accessible to investors.  A lower share…

Staff Writer Ultimate Safaris has continued its international guide exchange programme, marking its fourth year and investing more than N$400 000 since it began. Each year, the “Ultimate Guide of the Year” travels to Baja California in Mexico for a three-week experience with Todos Santos Eco Adventures. Peter Nuugonya, the 2025 winner, took part in the programme this year. He grew up in a village near Ondangwa, where he learned to track animals from a young age. Nuugonya started his career at Sossusvlei Desert Lodge in the NamibRand Nature Reserve as a barman before moving into guiding. Over time, he…

Chamwe Kaira  Woolworths Holdings Limited has awarded incoming Group CEO Sam Ngumeni a once-off share award valued at about R69.7 million. The award includes 995,715 shares bought on the open market by the Woolworths Holdings Share Trust.  Based on a share price of about R70, the total value is just under R70 million. The shares form part of a performance-based incentive. They will vest over five years until June 2031 if set targets are met. These targets include share price growth, headline earnings per share and returns on capital employed. The shares will be held in escrow during the vesting…

Retuura Ballotti Namibia continues to distinguish itself as a continental leader in gender equality, supported by strong national institutions and sustained policy reforms. Research from the African Development Bank’s 2025 Gender Brief places Namibia among the top three African countries with the least gender disparity, driven by consistently high education completion rates among girls and a growing presence of women in strategic decision‑making roles. Women make up 51.8% of the national population, and the country’s empowerment and representation scores outperform continental averages, underscoring a social environment that increasingly supports gender equity. This national trajectory provides a fertile foundation for organisations…