Martin Endjala
The Namibia Financial Institutions Supervisory Authority (NAMFISA) has been paying N$14,985,114 per annum on office rental fees to occupy the building it is currently operating from in the Central Business District of the Namibian capital.
This means for the past four years, the financial regulator has spent close to N$60 million on the lease of the building since occupying it on 15 June 2020.
NAMFISA Communications Manager, Victoria Muranda, confirmed these figures during an interview with the Windhoek Observer this week.
She said the leased building which NAMFISA currently occupies at the Gutenberg Plaza was procured through the Central Procurement Board of Namibia as required by the Public Procurement Act, of 2015.
“As per our latest audited annual financial statements for the 12 months ended 31 March 2023, the leased offices located at Gutenberg Plaza were occupied from 15 June 2020.
The lease is for a period of five years and six months, with a termination date of 30 November 2025, with an option to renew for a further period of two years,” she said.
To curb spending on rent, NAMFISA’s Chief Executive Officer, Kennedy Matomola, revealed a few weeks ago that the regulator will soon commence with the construction of its own office building along Independence Avenue in the city centre at an open plot next to the Capricorn Group building and Avani Hotel.
He said the building will be constructed under the NAMFISA office building project, which is among many other projects the regulator is busy carrying out. He added that the procurement process is subject to the Public Procurement Act.
According to NAMFISA’s Business Plan for 2022/2023 Property Development, construction work is scheduled to commence during the 2023/24 financial year and will conclude during the 2025/26 financial year.
The total construction cost is estimated to be N$254.4 million, and of this cost, N$70 million will be funded from the company’s own resources and the rest will be funded through a loan.
Matomolo indicated that the rationale for building a new headquarters is for operational efficiency for it to be a one-stop shop for NAMFISA services, accessible to meet the needs of its stakeholders and for long-term financial sustainability.
“NAMFISA is now awaiting the outcome of the tender process being conducted by the Central Procurement Board of Namibia to commence with the construction,” he said.
The CEO indicated that they saw the need to bring services closer to the people, hence the geographical location of the site where the building will be constructed was already chosen.
He stressed that the current office becomes unbearable sometimes, especially when working late at night or on weekends when a nightclub near the NAMFISA offices plays loud music.
He believes that the new office will create a conducive environment for both employees and customers for easy access, and it will further save the regulator from spending a lot of money on rental fees.
Meanwhile, Central Procurement Board Spokesperson, Johanna Kambala told this publication that the board is still adjudicating on the tender procurement process and no final decision has been made yet.
