Uanguta to take over as interim Namcor MD

Ebson Uanguta, one of the Bank of Namibia’s deputy governors, is set to take over as caretaker managing director of national oil company Namcor in January.

Namibian Sun has it on good authority that public enterprises minister Ipumbu Shiimi, in consultation with the Namcor board, decided to go for Uanguta – who briefly acted as governor of the central bank when Shiimi left that role to become finance minister in 2020.

Highly-rated in government circles, Uanguta was also appointed to serve as the temporary commissioner of the Namibia Revenue Agency (Namra) in 2019, prior to the appointment of substantive head Sam Shivute. After his stint at the agency, he acted as head of the Bank of Namibia, after Shiimi joined Cabinet and before Johannes !Gawaxab was appointed to lead the central bank.

Uanguta’s appointment at Namcor is effective from 11 January, and he will take over from Shiwana Ndeunyema, who has been acting in that capacity after substantive managing director Immanuel Mulunga was suspended in April.

With Mulunga facing a litany of disciplinary charges - and a lawsuit in which Namcor seeks a refund of N$53 million from a deal he allegedly sanctioned, according to court papers filed this month – his return from suspension is now considered a near impossibility.

Fraudulent dealings

In documents submitted to the High Court on 8 December, Namcor presented a case of fraudulent dealings that included ‘bogus’ valuations to justify the company paying N$53 million for an asset that belonged to the ministry of defence and veterans affairs, a local daily reported.

Mulunga and a number of his former senior managers have been taken to court for their alleged role in the deal.

Namibian Sun understands that it was deemed untenable for Ndeunyema to preside over the processes of pursuing his substantive boss, Mulunga.

“Uanguta is not being brought in specifically to deal with the Mulunga issues, but he will inevitably have to deal with them. The board deemed it fit to bring in a completely neutral person from outside,” an official said.

“Of course, the Mulunga matter is predominantly a board matter, but the acting managing director cannot avoid being involved in some capacities. It was thus deemed untenable to drag Ndeunyema into a matter where he would have to pursue his own boss.”

Neither Uanguta nor Shiimi could be reached for comment.

Charges

In August, Ndeunyema expressed a desire to relinquish the acting duties, but the board – which was understood to have been impressed by his performance – besieged him to stay on, which he did.

Namibian Sun reported earlier this month that Namcor and Mulunga's lawyers are in extensive discussions for a separation package for the latter. This may mark the end of the disciplinary processes currently underway.

When he was suspended in April, Mulunga was slapped with charges related to alleged leaking of confidential information to the media, and stock loss at Namcor – believed to be in relation to fuel worth N$69 million belonging to Validus Energy, which the national oil company reportedly used without the owner’s consent.

Mulunga has also been charged for a confirmatory affidavit he issued in a matter involving Namcor’s former chief financial officer Jennifer Hamukwaya, who dragged the company to court over its decision not to renew her contract. The board views Mulunga’s affidavit as contradicting to its collective decision not to renew the contract.

Although he was cleared by the Anti-Corruption Commission (ACC) over the widely reported N$100 million payment he authorised towards an oil project in Angola, where Namcor is a 10% shareholder, Mulunga is now understood to have been charged in this matter too.

The Namcor board’s term, which was extended after expiring in August, ends in January.