Observer Money

Trustco, W&B close major property transaction

Trustco, W&B close major property transaction

Tujoromajo Kasuto Trustco Properties has concluded a major property transaction with Namibian retail giant, Woermann, Brock & Co.The 128-year-old legendary Namibian trader, today well known as Woermann and Brock, is a 100% Namibian owned retail and wholesale group, which offers employment to more than 2,000 Namibians and has supermarkets, wholesalers and liquor stores across the country.Trustco Properties forms part of the real estate investment portfolio of Trustco Group Holdings Ltd (Trustco), one of Namibia’s largest investment groups.Neville Basson, Trustco’s spokesperson, says this transaction concludes the investment Trustco Properties has made in Extension 3 of Lafrenz Industrial Park, as these were…
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Wesco implored to upgrade to oil refinery

Wesco implored to upgrade to oil refinery

Obrein Simasiku Wesco Engineering Services has been implored to take advantage of the recent oil discovery in Namibia, and shift from the current operations of oil recycling into refinery, a move that will propel the country to grow economically by not shipping its raw resources for further processing.Windhoek Deputy Mayor, Joseph Uapingene, remarked at the inauguration of Wesco’s six oil refinery depots at Brakwater, saying that it is time the country holds onto its resources and desist from the norm of exporting raw materials. “Shape up your vision, you are aware of the recent massive oil discovery, it is time…
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Reviving the Elizabeth Bay Mine

Reviving the Elizabeth Bay Mine

CHAMWE KAIRA Sperrgebiet Diamond Mining (Pty) Ltd, which plans to start mining at the Elizabeth Mine near Luderitz in this fourth quarter, plans an initial production of 240 000 carats per annum before reaching about 360 000 carats, General Manager Paul Lombard said in an interview. The Elizabeth Bay Mine was formerly owned by Namdeb Holdings. “We’ll be constructing an Infield Pre-Treatment Facility by mid-next year which will aim at removing the majority of fine non-diamond bearing material and clay from the ore to be presented to the Main Treatment Plant, this will not only improve the throughput and concentration…
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Development Bank to resume Good Business Awards

Development Bank to resume Good Business Awards

Development Bank of Namibia (DBN) Head of Marketing and Corporate Communication, Jerome Mutumba, has announced the resumption of the Good Business Awards on 3 November 2022, with finalists and winners to be announced on the Bank’s Facebook and LinkedIn pages as well as on its website during the afternoon of 4 November. Results will also be made available to the press. The Awards, last held in 2019, were suspended for two years due to Covid-19. Mutumba said this year’s winners will come from the tourism and hospitality sector, private education, land servicing, manufacturing and the transport and logistics sector. Talking…
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Telecom Namibia to invest N$2.3 billion in modernising network

Telecom Namibia to invest N$2.3 billion in modernising network

CHAMWE KAIRA Telecom Namibia which is marking 30 years in business this year plans to invest over N$2.3 billion in the next five plus years to modernize its national network both fixed and mobile, starting from its national backbone to the core network and the access technologies, chief executive officer, Stanley Shanapinda revealed in an interview. Shanapinda said the first investment of about US$5 million has been invested in the co-landing of the Google Equiano submarine cable, in partnership with the private company Paratus, also allowing for the sharing of infrastructure as envisaged under HPPII. The Equiano cable landed in…
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AgriBank stops cash payments

AgriBank stops cash payments

Obrein Simasiku The Agricultural Bank of Namibia (AgriBank) will no longer accept cash as a form of payment starting from December. This decision is to curb money laundering in the country, said the public relations officer of the bank, Fillemon Nangonya in a statement. ‘’This change is an effort by Agribank to further contribute to the combating of money laundering in the country.’’ Money laundering is regulated in terms of the Financial Intelligence Act, with specific reference to Know Your Customer (KYC) requirements. ‘’This requires stringent verification of the source of cash funds and reporting thereon,” Nangonya emphasised. The measure…
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Namibia shines at Africa Energy Week

Namibia shines at Africa Energy Week

O’brien Simasiku Namibia is cherished by many countries over its recent oil discoveries in the off-shore coast including its touted development of the green hydrogen project, which will make it feature among leading energy industry players. This was evident at last week’s Invest in Namibia Country Spotlight event, organized at the African Energy Week 2022, in Cape Town where a delegation consisting of the Ministry of Mines and Energy, Namibia Investment Promotion and Development Board (NIPDB) and the National Petroleum Corporation of Namibia (NAMCOR) made breakthrough presentations to market the country. According to Africa Energy Group with major oil and…
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New technology forcing BoN to adapt – Uanguta

New technology forcing BoN to adapt – Uanguta

Martin Endjala Deputy Governor of the Bank of Namibia Ebson Uanguta said the emergence of new technology particularly in the space of online banking business modalities, has forced the central bank to adapt to the new technology by aligning its regulatory frameworks to speak to the needs of the new 4IR. The BoN deputy governor was speaking today at Start-Up Namibia and Fintech innovative hub session in Windhoek. Uanguta said that the innovative technologies are changing lives, by improving their living standards and alleviating poverty as well as addressing the economical inequalities within the global sphere. He further stated that…
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334 counterfeit Namibia dollar banknotes found

334 counterfeit Namibia dollar banknotes found

Staff writer Between January and 0ctober this year, the Bank of Namibia (BoN) recorded 334 counterfeit bank notes with a total face value of N$56 980. This is according to the latest records made available to Windhoek Observer by the central bank spokesperson Kazembire Zemburuka. 182 counterfeits with a face value of N$26,580 have been passed or exchanged while 152 pieces with face value of N$30,400.00 were intercepted before circulation, revealed Zemburuka. Most counterfeit banknotes were seized in Khomas and Erongo regions. In addition, he said, a total of 133 pieces of South African Rand (ZAR) with a face value…
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Namibian beef industry’s prime cut

Namibian beef industry’s prime cut

CHAMWE KAIRA Savanna Beef Processors Ltd company, the newly formed meat producer will unlock new export markets and achieve better prices for producers and the whole beef value chain in Namibia, according to Rogers Kauta, one of the producers involved in the setting up of Savanna Beef. Kauta says the new beef producer intends to promote local value addition in the beef sector by retaining an additional 50 000 plus weaners in the local market for slaughter. “The export of weaners to South Africa deprives the local economy of job opportunities and premium prices for our beef in the international…
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