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Pohamba praises Public Accounts Committee

President Hifikepunye Pohamba this week singled out the Public Accounts Commmitte for praise when he officially opened the seventh session of the fifth Parliament.
Pohamba praised the Standing Committee on Public Accounts for reinforcing accountability on accounting officers in the execution of their responsibilities. The president said other Parliamentary standing committees, especially those with the responsibilities of addressing the pressing needs of poverty alleviation, promotion of economic development and stimulation of job creation, must also work hard to find effective solutions to these problems.
Member of the National Assembly and Chairperson of the Public Accounts Committee, Usutuaije Maamberua thanked the president for recognising the work of the committee.
He said: “I would want to thank the president for that recognition and I hope that will also mean that the Public Accounts Committee will be allocated more resources so that we can do our job with the necessary capacity so that we can live up to the task that is given to us.”
“It means the president has taken note of the work of the Public Accounts Committee. It is an encouragement to the committee but I would want to add that it is not only the accounting officers to which we have to talk to but also the political heads of the ministries must be informed. They must be made aware of the financial accounting issues pertaining to their respective ministries because it is actually a joint effort.”
Maamberua said it was imperative that other accountability institutions like the Anti Corruption Commission, the Bank of Namibia’s Anti Money laundering Unit, Namfisa and the police should all join hands and be able to understand each other’s mandate.
He added: ”We are busy approaching some donors to assist us to host another accountability conference so that all the accountability institutions can come together and work closer with each other because the net must be broadened so that we can catch and reduce the problems regarding the abuse of public funds.”
The SWANU president was positive about the difference that his Committee had made in making accounting officers accountable. He was hopeful that in the few coming years, there will be noticeable changes in the way financial reports were submitted in Parliament. “I think we have made a difference, the public is now aware of what the committee is all about and most importantly, the accounting officers, the heads of parastatals and even the ministers. We have already started speaking to some of the ministers, they are now more conscious and I think we are looking at improved reports in the few years to come.
“First we needed to broaden that understanding by all those who are supposed to be responsible for accountability in their respective ministries and agencies and I think that we have achieved now we have to see what are the tangible results that are going to come out of that.”

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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.