Renthia Kaimbi
The appointment of Oscar Capelao as executive director of the Ministry of Finance has raised questions about potential conflicts of interest, as he continues to serve on the board of the National Petroleum Corporation of Namibia (Namcor).
Capelao was appointed executive director in December 2025, a role that places him at the centre of government oversight of public enterprises, including Namcor. He has served as a Namcor board member since July 2024.
His dual position has drawn scrutiny from governance expert Johannes Coetzee, who cautioned that the arrangement presents structural risks.
“If the same person is on the board and in the Ministry of Finance signing off budgets and forecasts, their dual roles could place them where they effectively influence both enterprise financial policy and how those revenues are captured or used by the state,” Coetzee said.
He noted that tensions are most evident when dividend decisions arise. A board member is required to act in the best interests of the enterprise, while a senior finance official may be primarily concerned with maximising state revenue.
“The legal definition of conflict doesn’t require wrongdoing, just an interest that could impair objectivity,” Coetzee added.
The Public Enterprises Governance Act (PEGA) of 2019 requires board members to disclose any direct or indirect interest that may compromise their objectivity and to recuse themselves from related deliberations.
By virtue of his office, Capelao serves ex officio on the boards of the Namibia Revenue Agency (NamRA) and the Bank of Namibia (BoN). These appointments are attached to the position of executive director. His seat on the Namcor board, however, is not.
Section 7 of PEGA limits individuals to serving on no more than two public enterprise boards at the same time, unless a minister grants an exception due to a shortage of skills. While the Act permits ex officio appointments required by law, it further provides that such individuals may not be appointed to a third or additional board beyond those mandated by their office.
Sources said Capelao joined the Namcor board before assuming the executive director role. He now occupies a position in which he oversees the same enterprise through the ministry.
Coetzee argued that the issue extends beyond the numerical limits set out in legislation.
“These appointees are vetted by national intelligence, and that is one political requirement to be politically correct and not criticise the government,” he said.
He added that although the law prescribes qualifications and independence, “political interest overrides qualifications and experience, including conflict of interest.”
Coetzee also pointed to amendments to PEGA that place public enterprise boards under the reporting line of the prime minister, describing this as “an indication of centralised political interference overriding any conflict of interest of a political nature”.
Namcor itself has faced persistent challenges, including allegations of financial mismanagement and leadership instability, heightening sensitivity around governance and oversight.
This publication sent questions to Capelao on Monday, asking whether his appointment as executive director requires him to step down from the Namcor board in line with the spirit of PEGA. He was also asked whether approving Namcor’s budget as the ministry’s accounting officer, while simultaneously participating in shaping it as a board member, presents a conflict. Further questions addressed potential tensions around dividend decisions and his role in strategic matters requiring Cabinet approval, including the possible sale or privatisation of 18 Namcor service stations.
Capelao had not responded by the time of publication.
Questions were also sent to executive director in the Office of the Prime Minister, Gladys Pickering, to confirm whether Prime Minister Elijah Ngurare granted an exception permitting Capelao to remain on the Namcor board. She had not responded at the time of publication.
