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6000 potential clients for every single Namibian accountant

6000 potential clients for every single Namibian accountant

The first group of trainee accountants to complete their 4-year training under the new curriculum of the Namibia Insitute of Professional Accountants’ training programme, was inducted last week Friday. They are now full members of the organisation.

The institute’s chairperson, Amanda Rossouw said “I wish to extend my congratulations to the new members for having successfully completed their practical training programme. The Trainee Accountant Programme has become a vital avenue for tertiary students. It allows them to acquire practical experience in the areas of accounting, financial management, taxation, commercial law and ethics that they and, indeed, our country requires.”

The Trainee Accountant Programme is a 4-year course presented through Accredited Training Centres across Namibia. It is designed to equip trainees with the necessary practical skills for a career as a professional Accountant. The logbook of elements that trainees are required to complete consists of financial accounting, internal control, taxation, corporate law, ethics, and practice management. The skills they develop are integral not only to their own success, but also to the future of the profession at large.

“Although Namibian universities produce graduates, many are unable to secure employment due to the lack of experience. The training programme allows students to acquire knowledge and experience, placing them in a better position to secure employment or venture into their own business. The programme was created with the objective of training the next generation of accountants, partly by transferring practical experience and knowledge from practicing accountants to those coming through the ranks” Rossouw explained.

“Since 2013, our programme has achieved success. In the years prior to this, we struggled with a low success rate. However, since developing close working relationships between the principal, the trainee and the Namibia Iinstitute of Professional Accountants via the input of the monitoring officers, our success rate has significantly improved” she said.

The new group of trained accountants is the first group to qualify under the new dispensation.

As qualified accountant, they are now full members of the institute. They now have the opportunity to continue working for the companies where they worked during their training, or they can go on to start their own practices, building up their own client base.

“Many of you will be aware that we have a shortage of qualified accountants in Namibia. This is at odds with the public’s perception where the consensus is that accountants are in abundance. As an institution representing accountants in the public sector, academia, commerce, and industry we believe that the current number of accountants is insufficient. There are simply too few to deal with the individual tax payers and business entities registered for tax. To put this into context: there is an estimated taxpayer base of 520,000 individual and business entities in Namibia. With the current ratio of accountants, this means there are close to 6000 taxpayers per accountant” said Rossouw, explaining the pressing need for more qualified accountants.

Rossouw also stated that the general public should be educated via their accountants on tax compliance, along with general financial compliance and regulation issues. There are further challenges facing the accounting sector. Internationally, Rossouw points out, there is a great need to regulate accountants and bookkeepers that manage public affairs. It is currently the case that only auditors and professional accountants are regulated. It is for this reason that the institute welcomes the current discussions by the technical sub-committee on the draft Public Accounts and Auditors Amendment Bill.

Addressing the new members for the first time as qualified accountants, Rossous said “you have many opportunities and the chance to tailor your career to your personal needs and desires. You can work individually to serve the public or you can continue to serve your current employers. You can also seek and accept offers to work in various locations within the public and private sectors or alternatively further your career in academia. You can even become entrepreneurs.”


 

 

About The Author

Mandisa Rasmeni

Mandisa Rasmeni has worked as reporter at the Economist for the past five years, first on the entertainment beat but now focussing more on community, social and health reporting. She is a born writer and is working on her degree in Journalism at the Namibia University of Science and Technology (NUST). She believes education is the greatest equalizer. She is the epitome of perseverance, having started as the newspaper's receptionist in 2013.

Following reverse listing, public can now acquire shareholding in Paratus Namibia

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20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.