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GIPF makes significant reduction of the Fund’s data reserve liability

GIPF makes significant reduction of the Fund’s data reserve liability

The Government Institutions Pension Fund (GIPF) announced the significant reduction of the Fund’s data reserve liability from 5% to 2.5% of active and disabled members’ liabilities.

This reduction translates into a monetary value of just over N$1.54 billion as per the latest Actuarial Valuation Report 2018.

“Data reserve liabilities are funds set aside to cover any possible increase in liabilities resulting from possible data errors and/or ad hoc admissions to membership of eligible employees whose records are neither on the GIMIS system nor part of the valuation data for active and disabled members, said Elvis Nashilongo, General Manager: Operations.

Inaccurate member data on the GIPF system, outstanding admissions, unclaimed benefits, outstanding claims, untraceable beneficiaries, beneficiaries without national documents and unregistered/unverified annuitants are the most common contributors to the Fund’s data integrity.

“GIPF’s efforts towards achieving service excellence prompted the Fund to ensure data quality, which is often referred to as “data integrity”, is improved and maintain at the highest possible standards. The team’s tireless efforts have proven to have contributed tremendously to the effectiveness and efficiency of the operations of the Fund. In order to maintain service excellence, it is imperative that all our members ensure that their personal details are correct as per their national documents, claim benefits due to them and that they are verified within the specified periods” continued Nashilongo.

GIPF further implores members to update their beneficiary nomination form and any other details such as marriage status, and birth certificates of their children this year, before they go on leave. The nomination form assists the Fund to know who to pay the member’s benefits to, in the event of death. In the absence of the nomination form, it becomes challenging for the Fund to process payment timeously.

“Human Resources (HR) practitioners at all ministries and participating employers who are members of GIPF should also send out reminders to the members to update their nomination forms, and any other details that would assist the Fund to timeously pay out their benefits, before they go on leave this year”, concluded Nashilongo.


 

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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.