DBN announces retirement of CEO a year ahead

Martin Endjala

The Board of the Development Bank of Namibia (DBN) has announced that Martin Inkumbi, CEO of the Bank, will step down from his position in August 2023, at the end of his current second five-year tenure, as he would not seek reappointment after serving ten years in the role.

The Board has since commissioned the commencement of the recruitment process to ensure a seamless transition at the time of Inkumbi departure.

During the intervening period, the Board will seek a potential successor in a transparent manner with the assistance of an external recruitment agency.

This was confirmed today by the Communication manager Jerome Mutumba.

The new candidate CEO will be identified through the recruitment process and brought on board for a couple of months to shadow Martin Inkumbi, to familiarise themselves with the Bank and ensure continuity during the remaining stretch.

Inkumbi joined the Bank in 2006, and progressed through the ranks to be appointed Acting CEO in

November 2012. His appointment as CEO was confirmed in August 2013.

On Inkumbi’s assumption of the role of Acting CEO in 2012, the Bank’s balance sheet was reported to have stood at N$2.03 billion, but by 2021, it grew to N$9.47 billion.

The CEO was instrumental in effectively shaping the Bank’s structure and operations, amongst others and led the development and implementation of DBN’s risk management framework, as well as restructuring the Bank’s operations to encompass an SME Finance Department, Investment

Department and a Portfolio Management Department to manage borrowers, post-lending.

In addition, he led implementation of the Bank’s Treasury unit and listing of the N$2.5 billion bond programme on the Namibian Stock Exchange.

By Observer