We don't have ODC's assets - Kwala

The Offshore Development Company's assets and investments are said to be worth N$120 million.

11 February 2019 | Local News

The board chairperson of the recently established Namibia Industrialisation Development Agency (NIDA), Frans Kwala, has rubbished claims that the agency has taken control of the assets of the Offshore Development Company (ODC).

According to him, those that were keen on having the funds transferred to the new agency have dubious reasons in mind.

Acting executive director within the ministry of industrialisation, Bernadette Menyah-Artivor, is said to have rejected calls for the transfer of the ODC's assets and investments, said to be worth N$120 million, The Namibian reported last week.

It was also reported that the NIDA had taken over the assets.

Kwala, however, explained that procedures had been strengthened before the money can be accessed.

“As we speak there is no ODC or Namibia Development Corporation (NDC). They are non-existent. What we did was to change signatories on the respective bank accounts. The same people that have been dealing with all payment aspects are still the same. All they do is to submit their needs and all obligations are honoured,” said Kwala.

He also rejected claims that the transfer of the money would give rise to good corporate governance contraventions.

“The good corporate governance that you are raising is being strengthened. The noise that is being made is from the corrupt individuals that still wanted to continue looting. That has stopped,” said Kwala.

“Good corporate governance calls for accountability, which was non-existent before.”

Menyah-Artivor is said to have informed Kwala that some of the ODC and NDC funds could not be transferred without the permission of the finance ministry.

“Nevertheless, for the funds appropriated for projects and programmes of this ministry that are currently managed by the ODC and NDC, treasury guidance and directives are being sought,” she added.

Kwala iterated that absolutely no money or assets had been transferred to the newly established agency.

“Once again, there is no money either from ODC or NDC that was transferred to the NIDA account. The money remains in the accounts it has been kept in,” Kwala said.

Kwala wrote to Menyah-Artivor on 14 December 2018 about the transfer of all investments from the two entities.

“Any government funds being held will be transferred to the government when and if so required,” he said, according to an earlier article by The Namibian.

A press conference is expected to be held in the next two weeks Kwala added. The NIDA will be an amalgamation of both the NDC and the ODC, incorporating both their regulatory and operational mandates, while developing an equity development finance mandate to lead pioneering investment in the industrial sector of the country.

The NIDA board consists of Kwala, Marcelina !Gaoses, Diana van Schalkwyk, Anita /Naris, Job Muniaro, Hans Jochelson and Uparura Kuvare. Kuvare currently heads NIDA as its executive director.


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