Page 94 – News Stand

03 Apr

IGP pursues contempt charges against Amushelelo

info_e12wt4csNational News

Niël Terblanché The Inspector General of the Namibian Police, Lieutenant General Joseph Shikongo, has initiated court proceedings against political activist Michael Amushelelo for alleged contempt of court. This action follows Amushelelo's recent social media posts concerning rape allegations against the Minister of Agriculture, Fisheries, Water and Land Reform, Mac Hengari. In a statement posted on social media, Amushelelo questioned the consistency of public demands for accountability. "As a society, it will be very hypocritical of all of you to demand that [redacted] resigns from his position as Member of Parliament and Minister when we equally have Joseph Shikongo, who is…

03 Apr

Interim leadership for paralympic committee, boxing federation appointed

info_e12wt4csSports

Erasmus Shalihaxwe Namibia Sport Commission’s (NSC) Chief Administrator, Freddy Mwiya, has announced the appointment of an interim board for the Namibia National Paralympic Committee (NNPC). The new board will oversee the committee's affairs for three months and organise an elective congress. Mwiya announced this on Thursday following the expiry of the previous board's term. Last month, the Ministry of Sport froze NNPC’s funding due to irregularities that both Mwiya and the NNPC declined to disclose. On Thursday, Mwiya confirmed that the funding restrictions have now been lifted to allow access to critical resources for sports development. “We put emphasis on…

03 Apr

GIPF builds nearly 8 000 homes

info_e12wt4csObserver Money

CHAMWE KAIRA The Government Institutions Pension Fund (GIPF) has invested in the servicing of 5 884 plots, built 7 840 housing units, and financed 3 286 house purchases through the First Capital Housing Fund. These efforts have created 4 052 job opportunities. According to its 2024 annual report, GIPF’s investments in land and housing aim to address Namibia’s housing shortage and support the Harambee Prosperity Plan (HPP). Under the HPP’s Delivery of Urban Land, Housing and Sanitation goal, the country plans to build 20,000 new houses and service 26,000 residential plots. GIPF has committed to take up at least 30%…

03 Apr

Namdeb woes pushes down government revenue forecast

info_e12wt4csObserver Money

CHAMWE KAIRA The government has revised down its revenue projections for the 2024/25 financial year to N$90.9 billion, a 1.3% decrease from earlier estimates. The decline is mainly due to lower returns from state-owned enterprises, especially Namdeb Holdings. Budget documents from the Ministry of Finance show that dividends from SOEs fell by 75.7% to N$561 million. This was largely caused by Namdeb’s underperformance and the delay in receiving N$1.6 billion from the planned dissolution of Namibia Post and Telecommunication Holdings. Meanwhile, central government expenditure was left unchanged from earlier estimates, resulting in a revised budget deficit of 3.9% of GDP,…

03 Apr

DP World invests US$2 million in Walvis Bay cold facility

info_e12wt4csObserver Money

CHAMWE KAIRA DP World has opened a state-of-the-art temperature-controlled distribution facility in Walvis Bay, enhancing Namibia’s cold chain capabilities to meet rising demand for food service supply on the coast. The US$2 million investment underscores DP World’s commitment to driving trade efficiency and economic growth in the region. As the new home of Seapride Food Coastal, the facility, located at Deep Catch Namibia’s Atlantic Commercial Cold Store (ACCS) premises, features 720 pallets and will increase storage and occupational resources capacity for the service by 50%. Along with a new office building, it will significantly enhance food service capacity for the…

03 Apr

‘Notion of flag carriers is dead’

info_e12wt4csObserver Money

Presidency announced this week that President Nandi-Ndaitwah has committed to reviving the national airline, Air Namibia through well-intentioned strategic measures aimed at avoiding past mistakes. The Government intends to pursue this initiative using a sustainable business model with a Public-Private Partnership (PPP) approach to provide a sound business case. A market study is expected to be completed by June, the expression of interest for a Public-Private Partnership is to be finalised by August, negotiations should be concluded by December 2025 and the launch and official operations of the new airline are anticipated between June and December 2026. In light of…

03 Apr

NBL to pay ordinary dividend of 157 cents per share

info_e12wt4csObserver Money

CHAMWE KAIRA Namibia Breweries Limited will pay an ordinary dividend of 157 cents per share. The company said this decision underscores NBL’s financial health, commitment to delivering shareholder value, and confidence in the group’s strategic direction for sustained growth, the company said in the annual financial results for the year ended December 2024. The company explained that following the transaction between NBL, Distell Namibia and Heineken on 17 April 2023, NBL became a subsidiary of Heineken Beverages Holdings. As paAs part of this transition, NBL shifted its financial year-end to December to conform to the Heineken reporting cycle. The company…

03 Apr

Nictus’s profit increase to N$31m

info_e12wt4csObserver Money

CHAMWE KAIRA The profit of Nictus Holdings Limited after tax increased to N$31 million in the six months ending 31 December 2024, compared to N$25 million in 2023. Operating profit for the six months ended 31 December 2024 decreased to N$37 million, compared to N$39 million in the same period in 2023. Ordinary dividends of 35 cents per share (N$18.7 million) were declared on 19 September 2024 and paid by the company on 4 November 2024. No interim dividend has been proposed by the board of directors. “During the first six months of the year, the Group achieved a 21%…

03 Apr

Repo rate expected at 6.75% in 2025

info_e12wt4csObserver Money

CHAMWE KAIRA FNB Namibia is of the view that the Monetary Policy Committee of the Bank of Namibia will maintain the repo rate at 6.75% in 2025. Any unforeseen strain on reserves may lead the BoN to adjust the interest rate differential in the second half of 2025, especially if global currency and trade risks materialise, FNB Namibia economists Cheryl Emvula and Helena Mboti have said. The two economists said like other central banks managing similar uncertainties, the central bank will remain data dependent in 2025, closely monitoring global, regional, and domestic macro trends as they materialise. The economists stated…

03 Apr

Season looks promising for South African agriculture

info_e12wt4csObserver Money

Wandile Sihlobo South African farmers typically till their land from mid-October in the eastern regions and mid-November in the western regions. The crops that South African farmers plant in each of these regions differ. The eastern areas are primarily yellow maize and soybeans, while the western regions are predominantly white maize and sunflower seeds. But this year, the plantings have been slightly slower than usual as we haven’t received meaningful rains yet. If you talk to farmers in rural regions of Limpopo or outside eKomani in the Eastern Cape, they will tell you that the impact of the mid-summer drought…