Magistrate Olga Maharukua postponed the fraud, money laundering, and corruption trial involving the National Petroleum Corporation of Namibia to 21 April 2026 for a Section 119 plea hearing. The state prosecutor requested additional time to complete investigations, amend charges, and resolve tax evasion issues with NamRA, though defence lawyers opposed the postponement, arguing investigations should have been finalised at a previous remand.
Magistrate Olga Maharukua postponed the fraud, money laundering, and corruption trial involving the National Petroleum Corporation of Namibia to 21 April 2026 for a Section 119 plea hearing. The state prosecutor requested additional time to complete investigations, amend charges, and resolve tax evasion issues with NamRA, though defence lawyers opposed the postponement, arguing investigations should have been finalised at a previous remand.
British oil and gas company Tower Resources says it expects approval of its farm-out agreement with Pakistani firm Prime Global Energies for a 25% stake in petroleum exploration licence PEL 96 to be expedited, following meetings with the upstream petroleum unit and the Ministry of Industries, Mines and Energy. The agreement would raise funds to continue exploration in the oil block.
Oil explorer Pancontinental Energy halted stock trading on Tuesday as it searches for a new farm-in partner to fund continued exploration and drilling in Namibian oil block 2 713, after Woodside Energy declined its option to acquire a 56% stake in May 2025. The company received licence extension approval from Namibia's Ministry of Industries, Mines and Energy, with an announcement of a new partner expected by 19 March.
Bank Windhoek is suing businessman Malakia Elindi, who is charged in the Namcor fraud case, for about N$2.3 million owed on a mortgage loan and overdraft facility, and seeking to have ten properties with a combined market value of N$9.4 million sold to recover the debt. Elindi, who is currently in custody awaiting a High Court judgement on a bail appeal, has claimed assets worth N$113 million but faces mortgage bonds totalling N$10.5 million against the properties.
As global oil prices surge amid geopolitical instability in the Middle East, Namibia's National Oil Storage Facility provides strategic defence against supply disruptions and fuel price volatility. With 75 million litres capacity and three months of strategic reserves, the facility operated by Namcor centralises fuel imports and distribution while the National Energy Fund cushions consumers from rising global prices.
The Ministry of Industries, Mines and Energy is reviewing storage fee structures at Namibia's National Oil Storage Facility to establish market-related tariffs and open access to more local entrepreneurs. The facility has received multiple applications from companies seeking to store diesel, petrol, and aviation fuel, but current space constraints may limit simultaneous usage; managers are considering short-term contracts (around 30 days maximum) to ensure fair access and prevent monopolisation by individual operators.
Soaring international oil prices and Middle East tensions threaten to drive Namibian fuel prices to unprecedented heights in April, with the country's three-month fuel reserves and limited storage capacity posing supply challenges. Government officials and industry experts warn that while Namibia has sufficient reserves for 2–3 months, the country's infrastructure constraints and reliance on Middle Eastern oil through the Strait of Hormuz leave it vulnerable to supply disruptions, prompting authorities to explore alternative fuel sources and taxi associations to plan 10–12% fare increases.
The National Petroleum Corporation of Namibia (NAMCOR) has announced that Mtundeni Ndafyaalako, Executive Upstream Development & Production, will serve as Acting Managing Director effective 1 March 2026, pending completion of a recruitment process for a permanent managing director. Ndafyaalako, who joined NAMCOR in 2018 as a geoscientist and brings nearly two decades of oil and gas sector experience, replaces interim MD Maureen Hinda-Mbuende, whose six-month tenure ends 28 February 2026.
Mtundeni Ndafyaalako, Namcor's Upstream Development and Production executive, has been appointed acting managing director effective 1 March 2026, pending completion of recruitment for a substantive MD. He replaces interim MD Maureen Hinda-Mbuende and brings nearly two decades of oil and gas sector experience.
Two women arrested in connection with alleged fraud and corruption at Namcor have been granted bail of N$50,000 each. Martha Antindi and her sister Johanna Mundjego deny active involvement in the movement of funds and claim they delegated all operational responsibilities to Antindi's son Victor Malima, who remains a fugitive.