Page 27 – Windhoek Observer

16 Oct

Trustco nears completion of long-delayed financial statements

Observer Money

Staff Writer Trustco Group Holdings has reported progress toward finalising its long-awaited annual financial statements while reminding investors to remain cautious as it moves ahead with plans to delist from three stock exchanges. The Windhoek-based investment group said on Monday it continues to work with regulators to complete the audit of its financial results for the year ended 31 August 2024. The process has been more complex than usual following changes to the Johannesburg Stock Exchange’s (JSE) Listings Requirements on auditor appointments. Previously, Trustco was required to appoint two audit firms—one accredited by the JSE in South Africa (Nexia SAB&T)…

16 Oct

Standard Bank joins KYC compliance awareness drive

Observer Money

Staff Writer Standard Bank Namibia has joined other financial institutions in an industry-wide effort to raise awareness about Know Your Client (KYC) compliance, in line with the Financial Intelligence Act of 2012. The initiative aims to ensure that customer information is accurate, current, and compliant with national regulations, a key step in protecting the integrity of Namibia’s financial system. Standard Bank has launched a multi-channel campaign encouraging clients to verify and update their personal details. The campaign uses SMS and email notifications, as well as direct engagement through branches and relationship managers. “Client enablement is about more than just access;…

16 Oct

Local processing towards what ultimate end?

Opinions

Kae Matundu-Tjiparuro Northern farmers turn to meat processing to boost profits. This headline of a local English daily this week could not but catch Yours Truly Ideologically’s attention. As it indeed should, must and may have caught the attention of many Namibians, especially communal farmers. Because local processing cut to the bone of the Namibian government’s value-addition song, almost elevating such to the status of another national anthem. The headline, as is self-explanatory, is about the initiative of Lesha Investment, a wholly Namibian-owned company owned by Joan Pohamba. “I as a citizen of Namibia, hereby pledge as an individual and…

16 Oct

Botswana’s president on “plausible complimentarity”

Opinions

PAUL T. SHIPALE (with inputs by Folito Nghitongovali Diawara Gaspar) Speaking during the second session of the Namibia-Botswana Bi-National Commission (BNC) in Windhoek last week, the President of Botswana, Advocate Duma Boko, strongly emphasised the need for the two countries not to compete against each other but to complement each other in what he termed as “objective, plausible, complimentary” between the two economies and insisted that discussions must lead to measurable outcomes. He described the summit as part of a wider transformation process between the two nations. He said the discussions had been “open and frank” and called on officials…

16 Oct

Political parties clash with ECN over ballot observation costs

Main

Allexer Namundjembo The Electoral Commission of Namibia (ECN) says it will not cover travel expenses for political parties and stakeholders who wish to observe the printing of ballot papers. The observation is for the ballots of the 2025 regional and local elections, set for next month. All registered political parties, organisations, and associations are invited to observe the ballot paper production at their own expense. ECN said this decision was first communicated during the political parties liaison committee meeting on 3 September 2025 and reaffirmed during another PLC meeting on 14 October 2025. ECN chief electoral officer Peter Shaama said…

16 Oct

Previously rejected venture takes over Naute pipeline tender

National News

Justicia Shipena A consortium that was previously rejected has now been awarded the Naute–Keetmanshoop Water Pipeline Replacement and Ancillary Works tender. The newly appointed Public Procurement Review Panel upheld the decision to grant the contract to Adaptive Building Land Construction CC in partnership with China State Engineering Corporation (Southern Africa) (Pty) Ltd Namibia. Two months ago, Finance Minister Ericah Shafudah appointed 15 members to the Public Procurement Review Panel for a three-year term that began on 1 October 2025 and ended on 30 September 2028. The Central Procurement Board of Namibia (CPBN) confirmed that the N$191 million contract was approved…

16 Oct

Namcol reports decline in tertiary intake

National News

Allexer Namundjembo The Namibian College of Open Learning (Namcol) experienced a decline in tertiary and vocational programme enrolments during the 2023/2024 financial year. This was mainly due to the discontinuation of certain courses and the end of the 2023 relief scheme that had allowed students to enrol without full upfront payment. Despite this drop, Namcol recorded a solid financial recovery and steady growth in secondary education enrolment. According to its 2023/2024 annual report, the institution achieved a surplus of N$7.2 million, reversing a deficit of over N$21 million from the previous year. The improvement was driven by stronger cost management,…

16 Oct

NNN decries threats to regional stability amidst power grab in Madagascar

National News

Justicia Shipena President Netumbo Nandi-Ndaitwah has warned that any attempt to seize power through unconstitutional means in Madagascar undermines democracy and regional stability. Namibia has expressed concern over the ongoing political crisis in Madagascar. Madagascar’s crisis escalated this week when a senior army colonel announced that the military had taken control after parliament voted to impeach President Andry Rajoelina. Crowds celebrated in the capital, Antananarivo, following the military’s declaration. The announcement by colonel Michael Randrianirina came soon after parliament’s vote on Tuesday. Nandi-Ndaitwah said such actions “run counter to the values and obligations that bind SADC member states” and threaten…

16 Oct

African leaders push for adolescent SRHR access

National News

Moses Magadza The second regional engagement meeting on adolescents’ access to sexual and reproductive health and rights (SRHR) began on Tuesday, calling for stronger regional action to improve SRHR services for adolescents across East and Southern Africa. Held under the theme “Step Up 4 Adolescents SRHR Access: Collaborating for Equitable SRHR in East and Southern Africa”, the two-day gathering has drawn policymakers, youth advocates, parliamentarians, health experts, and civil society organisations from more than 12 countries. The chief executive officer of the Zimbabwe National Family Planning Council (ZNFPC), Farai Machinga, was the guest of honour. He called for urgent, coordinated…

16 Oct

OBSERVER COASTAL | Walvis Bay mourns Savva

National News

Renthia Kaimbi Walvis Bay is mourning the passing of businessman John Savva, whose death has drawn tributes from across Namibia. Savva was celebrated for his business success and generosity but his life also touched a key chapter in Namibia’s history, the reintegration of Walvis Bay. He came to Namibia from Cyprus 59 years ago with little but determination and a dream, often working as a barman to build a future. Through decades of hard work, he became a pillar of the Walvis Bay community, creating generational wealth through ventures in property development, including the Afrodite Beach project, the Venus Supermarket,…