Minister criticizes high salaries at state-owned companies

Windhoek (nn/ct) - Urban and Rural Development Minister Sankwasa James Sankwasa has criticized CEOs for earning more than presidents and ministers with less responsibility and called for a review of salaries at SOEs. Sankwasa's remarks follow revelations on the salary scales of state-owned enterprises (SOEs).The then Chief Financial Officer Jennifer Hamukwaya earned N$ 88,000 per month at Namcor in 2018. By April 2023, her salary had risen to N$180,000. Media reported that Namcor had offered ex-banker Lionel Matthews N$230,000 monthly salary to replace suspended CEO Immanuel Mulunga for six months. President Netumbo Nandi-Ndaitwah, on the other hand, receives an untaxed monthly salary of about N$146,000. Under the Pensions and Other Benefits of Former Presidents Act, she is also entitled to a newly built retirement house upon leaving office.The government had passed new salary regulations for executives of state-owned companies in 2018, allowing top CEOs to earn over N$2 million annually, excluding bonuses. The revised structure replaced rules from 2013 that were in place under then Prime Minister Hage Geingob.State-owned companies are categorized into three tiers, where CEOs should earn between N$545,000 and N$2 million annually, depending on the category. However, the guidelines were often disregarded, with NamPower CEO Simson Haulofu receiving around N$ 3.4 million in 2016.Former Public Enterprises Minister Leon Jooste warned back in 2018 that SOEs' salary expenditure of N$6.1 billion was unsustainable given current performance levels. He emphasized that many SOEs had missed their targets and had become a burden. In 2017/18, they received over N$4 billion from the national budget, with a total debt of N$43 billion, 25% of gross domestic product.

Minister criticizes high salaries at state-owned companies

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Namibian Sun 2026-03-26

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Minister criticizes high salaries at state-owned companies

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Namibian Sun 2026-03-26

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