Deals, dollars & dirty oil: Unpacking Namcor’s corruption saga

The arrest of Namcor’s former managing director and two former senior officials yesterday by the Anti-Corruption Commission (ACC) is the latest chapter in a long history of internal conflicts, questionable deals and missing funds that have deepened the national oil company’s financial troubles.The ACC on Tuesday arrested Namcor managing director Immanuel Mulunga, former chief financial officer Jennifer Hamukwaya and former supply and logistics manager Cornelius ‘Cedric’ Willemse.By late yesterday, the ACC confirmed the arrest of two more individuals, with the anti-graft agency's spokesperson Josefina Nghituwamata saying more arrests were planned.Nghituwamata said the fourth suspect was not a Namcor employee, and she could not provide details about the identity of the fifth person at the time of going to print.Mulunga was dismissed in August 2024, while Willemse resigned on 15 November 2023. Hamukwaya's contract was not renewed on 30 April 2023.A legacy of scandalFor more than a decade, Namcor has been dogged by scandals involving power struggles, financial irregularities and stock theft. Willemse, a close ally of Mulunga, had already faced scrutiny over unexplained fuel stock disappearances under his watch.Through his company, CCC Petroleum CC, Willemse provided storage and handling services at Walvis Bay, earning N$115 000 per month or about N$1.3 million per year, plus N$0.20 per litre stored. This contract drew criticism over potential conflicts of interest and non-transparent procurement, especially as CCC Petroleum owed Namcor nearly N$19 million by July 2020.As a supply and logistics executive, Willemse authorised the borrowing of fuel valued at N$69 million from Validus Energy to prevent shortages at Walvis Bay. Then-board chair Jennifer Comalie labelled the move as potentially “theft without the client’s permission”, though Willemse defended it as standard industry practice that was later balanced.Between 2012 and 2013, Willemse worked at Namcor as logistics manager. Mulunga brought him back in July 2019 as a consultant.The finance executive and board falloutHamukwaya was also closely aligned with Mulunga. She joined Namcor in 2018 with a monthly salary of N$88 000 on a five-year contract. By April 2023, her salary had more than doubled to N$180 000 per month.As finance executive, Hamukwaya oversaw a series of controversial transactions. Though the ACC has said the Angolan payment was not in itself corrupt, it remains part of the broader probe into Namcor’s financial conduct.In late January 2023, the Namcor board decided not to renew Hamukwaya’s contract. She challenged the decision in court in March, arguing her performance justified renewal. In June 2023, Namcor agreed to pay her N$1.6 million, equivalent to nine months’ salary, in an out-of-court settlement.ACC probe widensACC director general Paulus Noa confirmed yesterday that the commission is actively investigating Namcor-linked individuals, with more arrests likely. “We will be bringing a few suspects before court very soon,” Noa said.The arrests also follow Prime Minister Elijah Ngurare’s statement in parliament last week confirming he had been briefed by Noa about the investigation. On X (formerly Twitter), Ngurare reaffirmed his support for the ACC, saying: “I am satisfied with the progress being made thus far.”While the ACC has yet to release a full statement, several controversial deals are expected to be central to its investigation – including the Hyrax oil deal, the Angola oil block transaction, missing funds and broader issues of corporate governance.The Hyrax oil dealIn 2017, Malaysian firm Hyrax Oil won a tender to supply Namcor with lubricants. In late 2019, Namcor mistakenly paid N$2.2 million intended for Hyrax into a wrong account in Estonia after receiving fraudulent emails about changed banking details.Namcor’s board later approved an additional N$2.2 million payment to settle the supplier’s invoice. The board, then led by Patrick Kauta, suspended Mulunga and IT executive Bonifatius Konjore in December 2017 to investigate the matter. Mulunga was reinstated in January 2018 during the probe.The Angola oil dealNamcor also found itself mired in controversy over a N$100 million payment for shares in two Angolan oil blocks in 2022. Under Mulunga’s leadership, the state-owned company paid Syndicate Energy to secure stakes in offshore Blocks 11 and 12 as part of a plan to expand regionally.However, the transaction went ahead without full board consensus, raising serious governance questions. While the blocks were viewed as valuable assets, the payment’s approval process remains a focus of the ACC’s probe.The Enercon DisputeNamcor is also locked in a legal battle with Enercon Namibia over an unpaid debt of N$115 million. The dispute involves transactions such as a failed sale of Namcor fuel storage facilities to Enercon and unpaid invoices for fuel supplied by Namcor.Enercon, co-owned by Peter and Malakia Elindi, and military-owned August 26 Holdings have accused Namcor of breaching agreements. Willemse is named in court documents alongside Mulunga, accused of facilitating a N$53 million “sham” acquisition of fuel tanks from Enercon.

Deals, dollars & dirty oil: Unpacking Namcor’s corruption saga

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Namibian Sun 2025-10-14

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Deals, dollars & dirty oil: Unpacking Namcor’s corruption saga

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Namibian Sun 2025-10-14

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