NamibRe pays dividends to government

27 February 2018 | Business

Ogobe Tlhage - The Namibia National Reinsurance Corporation recently declared a N$5-million dividend to the ministry of finance for its financial year ended 31 March 2017.

Speaking at the handover ceremony, NamibRe acting chairperson Libertha Kapere noted that the dividends declared to government had been on a gradual increase.

“The dividends declared by the corporation have increased gradually for the past few years, from N$1.8 million declared in the 2014 financial year, to the current amount of N$5 million. This represents a gradual increase of 154% during the four-year period,” Kapere said.

According to her, it was gratifying that NambiRe was paying over dividends to government.

“It is pleasing to state that this brings the total return paid to the shareholder in dividends from the year 2014 to 2017 to N$12.3 million, indeed a considerable contribution which we take pride in,” she said.

NamibRe, according to her, was committed to honouring its obligations to government.

“The corporation is committed to declaring dividends to the shareholder as part of good governance, but also as part of our responsibility to government and the nation,” she said.

Deputy finance minister Natangue Iithete applauded NamibRe and encouraged other SOEs to emulate its example of consistently paying dividends to government.

“In the midst of the economic challenges, NamibRe has managed to stay true to its mandate and to bring returns to the shareholder’s coffers. NamibRe continues to be one of the role-models amongst the public enterprises,” Iithete said.

According to him, it was concerning that some public enterprises had not declared dividends to government despite being operational for a long time.

“Most of our SOEs have been in existence for 25 or 28 years, yet, they have never paid a dividend to government. This is not acceptable for SOEs in the commercial and economic sectors,” Iithete said.

Iithete said it was not fair that government-owned public enterprises did not generate returns.

“As an individual, one cannot own and keep a company for 25 years or more and bring no returns, so, why should government,” he asked.

Iithete urged other ministers to demand returns from public enterprises that fell under their ministries.

“I urge all line ministries to use their powers as shareholders of these parastatals to demand returns,” he said in closing.

NamibRe was established in 2001 and provides reinsurance cover.

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