Renthia Kaimbi
Swapo secretary of finance, Lucia Iipumbu, has rejected claims that the party’s assets have depreciated, saying recent reports on its financial state were misleading and lacked verification.
In a recent statement, Iipumbu said references to asset depreciation were misplaced.
She explained that the financial notice published was only an abridged report of the political funding account, submitted to meet electoral act requirements, and did not include fixed assets that could depreciate.
“These assets far exceed the meagre N$12 million,” she said, citing holdings such as Kalahari Holdings and other subsidiaries.
She added that the figure of N$958 986 represented only the year-end cash balance in one account after a major election campaign and was offset by interparty financing.
“We had elections last year, and we are sure you would expect campaign funds to be drawn from the primary accounts. I am not sure how else you expect the same N$12 million would still be in the account at the end of an intensive campaign period,” she said.
Iipumbu also highlighted inaccuracies in the original report, saying key financial years for income streams had been reversed.
She confirmed that political funding income had increased from N$97.4 million in 2024 to N$117.9 million in 2025.
She stressed that a truthful analysis should have been published with the abridged statements to reflect the party’s full financial position, including its robust asset base.
Iipumbu concluded that Swapo’s full annual financial statements are properly lodged with the Electoral Commission of Namibia.
She reaffirmed the party’s commitment to transparency while urging media platforms to uphold accuracy and fairness in financial reporting to maintain public trust.
