Agribank pushes to auction Venaani Sr's farm

After years of legal wrangling and delays, Agribank is moving closer to auctioning a portion of a farm in the Omaheke Region belonging to Popular Democratic Movement (PDM) member of parliament Mike Venaani due to arrears spanning 18 years.The property has been at the centre of a protracted financial dispute between Agribank and the 74-year-old lawmaker. Although the process was previously put on hold, the bank has now renewed efforts to proceed with the sale.Verlosia Kharuxas, a representative from Angula & Co law firm that took over the case in 2023, confirmed the latest developments to Namibian Sun yesterday. “When we started, we received instructions from the client (Agribank) to request auction dates for the sale of the farm. The sale was then scheduled, but they later told us to cancel it. However, this year, Agribank instructed us again to get auction dates and facilitate the sale,” she said. Kharuxas, however, declined to provide further details on the finalisation of the case or a specific auction date.Loan, debt historyThe legal battle dates back to a series of loan agreements between Agribank and Venaani. According to court documents, Venaani obtained loans from Agribank in 2007 and 2011, respectively, amounting to over N$2.5 million.The first loan, granted on 24 August 2007, was for N$1 553 200, which included N$1 489 432.16 for purchasing Portion A of Farm Timor No. 342 and N$63 767.84 for transfer duties and costs.The loan had a repayment period of 25 years with an interest rate of 4.89%. Court records indicate that Venaani defaulted on payments, leading to the debt accumulating to N$2 130 141.90 by April 2019.In a second agreement dated 19 May 2011, Venaani secured an additional loan of N$665 600 for purchasing livestock. This amount included N$547 000 for 50 cows, 50 heifers and four bulls, as well as N$8 600 for bond fees. The loan, repayable over 10 years, carried an interest rate of 9.25%. By 2019, outstanding payments on this loan had reached N$958 103.32.Legal proceedings and debt recoveryDue to persistent defaults, Agribank took legal action to recover the outstanding amounts. The bank sought an order declaring the farm executable to cover the debt, with an initial court filing demanding payment of N$2 130 141.90 plus interest for the first loan and N$958 103.32 plus interest for the second loan.The property, measuring 3 848 hectares, was used as security under mortgage bonds B6608/2007 and B3502/2011.Despite court proceedings, delays in execution led to repeated postponements of the auction process. With Agribank’s latest legal proceedings and debt recovery, legal representatives are once again moving to secure an auction date to conclude the matter.While the exact date of the auction remains undisclosed, the renewed push by Agribank signals an intent to finalise the sale process.

Agribank pushes to auction Venaani Sr's farm

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Namibian Sun 2025-05-01

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Agribank pushes to auction Venaani Sr's farm

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Namibian Sun 2025-05-01

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