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Geingob says corruption has tainted Namibia

Geingob says corruption has tainted Namibia

The President, HE Dr Hage Geingob said the actions of a few corrupt officials has tainted the name of the country, and now serves as a wake-up call for the government to redouble efforts to combat the practises.

Speaking at the occasion of the last Cabinet meeting in Windhoek, the Geingob said during his town hall meetings earlier this year, the issue of corruption was only raised twice, and based on this reasoning, the president said “corruption is not systemic in Namibia, but perceptions have been created that Namibia is a corrupt society.”

Geingob was seemingly making reference to the international corruption scandal in the fishing industry involving two of his former cabinet ministers, former Justice Minister, Sacky Shanghala and former Marine and Fisheries Minister, Bernhard Esau.

Stating that this serves as wake-up call for his government, Geingob added it is now important for public service officials to emphasize that corruption in any form, for example, kickbacks, or percentage commission for the amount of contracts, is unacceptable.

“We are aware of the current corruption storm in the fishing sector which has coincided with the build up to the Presidential and National Assembly Elections. We have seen the anger of the people, especially those who have had their livelihoods destroyed as a result of corrupt practices. Anybody would be angry and this has been a wakeup call for us to re-double our efforts to promote greater accountability and transparency across all sectors of government,” Geingob said.

Noting that the two ministers involved in the infamous fishing sector corruption case are no longer ministers, Geingob said proper investigations will take place which will see the ministers tried under due process of the law.

“While on this matter, I would also like to state that it is pertinent that we must work on a law which will clearly define election donations and campaign contributions to political parties in order to eliminate the grey area in which we currently operate,” Geingob stressed.


 

About The Author

Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys

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.