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GIPF reflects on 30-year existence – Fund grows from N$844 million to N$118.2 billion in three decades

GIPF reflects on 30-year existence – Fund grows from N$844 million to N$118.2 billion in three decades

The first of October 1989 marked the official opening of the Government Institutions Pension Fund (GIPF).

Chief Executive and Principal Officer of the GIPF, David Nuyoma, this week commemorating 30 years of existence said that the founding vision was for the GIPF to “remain the leading independent and professionally managed pension fund providing real value benefits to its members and their dependents, at the same time making a significant contribution to the development of the Namibian economy and the economic empowerment of its citizens.”

“It goes without saying that the historic and continuous success of the GIPF has led to the attainment of this vision. As a result, the GIPF strategic plan approved in 2018 has amplified and expanded this vision for the fund to become a “leading and model pension fund globally by 2023,” he said

According to Nuyoma over the 30 years of growth, the mission of the GIPF has always been member-centric.

“Our members are the core of our business and this has seen our benefits to the members increase to Normal Retirement, Early Retirement, Resignation/Dismissal, Retrenchment, Disability benefit, Ill-Health Retirement, Death benefits and Funeral benefits to date,” stated Nuyoma.

Since inception, the GIPF’s objectives have been to ensure that it remains fully funded and to achieve consistently high returns on investments. The fund is prudently managed and self-administered in to ensure members and their dependents receive market-related benefits, [as well as] cost-effective and excellent administrative service, he said.

“The assets have grown tremendously in the past three decades from N$844,070 million in 1990 to an astonishing N$118.2 Billion as at 31 August 2019. Of course, along this journey the fund did experience challenges including the 2008 global economic meltdown, but withered the storms,” said Nuyoma.

According to Nuyoma, the GIPF has 102,194 members and provides monthly incomes for 43,105 active annuitants.

“As at September 2019, the fund forecasts to pay out N$5,2 billion in benefits and monthly annuities during the 2019/20 financial year, illustrating the enormous social and financial safety net it provides for Namibians from all walks of life,” he added.

Nuyoma said GIPF strives to be a leading and model pension fund globally and in order to achieve this, the Fund has over the years persistently worked towards increasing its National footprint.

“From a single floor office to the current five-storey building in Windhoek, which serves as head office complemented by 10 regional offices in Rundu, Katima Mulilo, Outapi, Eenhaha, Oshakati, Ondangwa, Otjiwarongo, Swakopmund, Gobabis, Keetmanshoop and a satellite office in Windhoek at B1 City, to cater to its growing members’’ concluded Nuyoma.


 

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

Promotion

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.