N$60m Namcor transactions allegedly traced to personal accounts

Investigations by the Financial Intelligence Centre (FIC) have allegedly traced several business transactions - including over N$60 million secretly paid by the national oil company Namcor under the pretext of acquiring fuel storage assets - to private bank accounts belonging to some of the individuals arrested this week.The Anti-Corruption Commission (ACC) yesterday arrested brothers Peter and Malakia Elindi – originally the principal private shareholders of Enercon Namibia (Pty) Ltd - in connection with a controversial fuel deal that left state oil company Namcor exposed to over N$380 million in unpaid debts.The arrests follow High Court orders placing Enercon Namibia and Erongo Petroleum CC under provisional liquidation due to ballooning arrears. ACC director general Paulus Noa confirmed the arrests, which also include one of Malakia Elindi’s wives, though it remains unclear which of his two spouses was taken into custody.Several former Namcor executives have also been arrested in connection with the case. Among them is former managing director Immanuel “Imms” Mulunga, who played a central role in overseeing major strategic operations at the state oil firm during the time the fuel procurement agreements were made.Also arrested is Cornelius “Cedric” Willemse, who previously headed Namcor’s supply and logistics division, a critical portfolio responsible for procurement and inventory oversight. His role placed him at the heart of Namcor’s dealings with Enercon Namibia and Erongo Petroleum.Jennifer Hamukwaya, who served as Namcor’s finance executive during the relevant period, was also taken into custody. Her arrest was accompanied by that of her husband, whose identity has not been disclosed to the public. Authorities believe her department processed and authorised numerous payments that are now under scrutiny.Lastly, Olivia Dunaiski, who was Namcor’s downstream commercial manager, has been arrested for her alleged involvement in fuel sale transactions and credit extensions that form part of the ongoing investigation.Namcor has since clarified that none of the arrested individuals are current employees. “Additional arrests are expected,” said ACC spokesperson Josefina Nghituwamata.At the centre of the ACC investigation are allegations that, in 2022, Namcor paid over N$60 million to acquire fuel storage and delivery assets from Enercon - a company contracted to supply fuel to the defence ministry. The deal was intended to eliminate Enercon as a middleman, allowing Namcor to supply fuel directly to the military.However, it allegedly later emerged that the assets in question already belonged to the defence ministry, despite being presented as Enercon property. This misrepresentation reportedly prompted Namcor to proceed with the payment, which is now believed to have ended up in the private accounts of some of the individuals arrested this week - raising allegations of fraud. Sources close to the investigation say the Financial Intelligence Centre (FIC) traced payments from Namcor that ended up in the personal accounts of some of the accused. FIC director Bryan Eiseb declined to comment yesterday. Those arrested face charges ranging from corruption and fraud to racketeering, money laundering, abuse of office for gratification, and tax offences. The charges stem from alleged irregular procurement practices, credit extensions without sufficient oversight, and questionable payments allegedly made between Namcor and the private companies.Namcor this week said it would not comment on the arrests - saying the key suspects are no longer its employees.Massive unpaid fuel creditInvestigators are also probing how Namcor supplied over N$380 million worth of fuel on credit to Enercon and Erongo Petroleum - with little security and virtually no repayments. The two companies are closely linked and under the control of the Elindi brothers.According to the IJG Namibia monthly report for July 2024, Namcor’s total exposure stood at over N$380 million, with Enercon owing more than N$114 million and Erongo Petroleum over N$266 million.Liquidation underwayCourt documents show that from 2022 to 2023, Enercon repeatedly bought large volumes of fuel on credit but failed to honour its payment obligations. On 10 June 2025, the Windhoek High Court issued a provisional liquidation order against Enercon, with a return date of 22 July to argue against a final wind-up. A similar order was granted the same day for Erongo Petroleum CC.Enercon is 75% privately owned by the Elindi brothers, while 25% belongs to August 26 Holdings - the commercial investment arm of the ministry of defence. Company records indicate August 26 paid around N$15 million for its stake.While August 26 has not been implicated in the daily operations of Enercon, its status as a state-linked shareholder has sparked concern in parliament. Former opposition MP Nico Smit has questioned why the defence ministry acquired a stake in a private fuel company without disclosing oversight or due diligence mechanisms.Smit has warned that such arrangements could expose taxpayers to financial risk if state-linked entities fail to monitor their commercial investments. To date, the shareholder agreement between August 26 and Enercon remains undisclosed, and the defence ministry has not explained what steps, if any, were taken to supervise the company’s soaring debt to Namcor.The suspects, currently held at the Seeis police holding cells outside Windhoek, are expected to appear in the Windhoek High Court this morning.

N$60m Namcor transactions allegedly traced to personal accounts

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Namibian Sun 2026-04-23

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N$60m Namcor transactions allegedly traced to personal accounts

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Namibian Sun 2026-04-23

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