Namcor has named Ebson Uanguta as the new interim managing director, as the company struggles to find a long-term replacement for ousted Immanuel Mulunga.
Uanguta is currently the deputy governor for the Bank of Namibia.
State-owned Namcor said the official had a “stellar background in economics”. The company is “thrilled to have his expertise steering Namcor towards new heights in the petroleum industry”.
Uanguta has previously worked at the Namibia Economic Policy Research Unit and the International Monetary Fund (IMF). He joined the Bank of Namibia in January 2012.
Uanguta officially takes over the role this week and is expected to serve for six months.
The Namibian Sun reported Public Enterprises Minister Ipumbi Shiimi had backed Uanguta.
Management rift
Namcor removed Mulunga from the managing director role in April 2023, as a rift emerged in the top echelons of the company.
Namcor accused Mulunga of a number of things, including going ahead with a business deal in Angola despite the board rejecting the plan. A review of Mulunga’s conduct in June found he had not acted criminally. However, it seems unlikely he would be able to return to leading Namcor.
The company picked Shiwana Ndeunyema as interim MD in April. Namcor began discussions with Nedbank Namibia managing director Lionel Matthews but he rejected the offer, leaving Ndeunyema to continue.
Matthews reportedly turned down the offer citing the potential impact to his image and family. Media reports at the time had suggested Matthews had a conflict of interest involving oil depot construction, allegations he denied.
Ndeunyema said the call to take over as interim managing director at Namcor had been daunting. In comments on LinkedIn, he suggested he would shed light on the “thrills and tribulations of this professional and personal journey, not least the demands of leading in times of corporate crisis” after his departure.
Namcor is reportedly pursuing Mulunga to recover money allegedly lost. The Namibian reported last month that Namcor was seeking to recover 53 million Namibian dollars ($2.84mn) “lost by buying storage facilities that already belonged to the government”. The newspaper said Namcor was taking Mulunga to court over the allegations.
The Namibian has also reported potential problems around the acquisition of a software system, acquired during Mulunga’s tenure.
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