The National Petroleum Corporation of Namibia (NAMCOR) recorded a loss of N$700 million over the past financial year ending on March 31, 2023.

The acting Managing Director of NAMCOR says they take full ownership and accountability for the company's N$700 million loss.

This loss, Shiwana Ndeuyema says, could have been prevented if they had the internal control environment to respond to the external shocks they experienced in 2022.

These losses have led to the corporation’s management and board carrying out an extensive diagnostic to determine the factors that contributed to the entity’s precarious financial position.

Namcor’s Board Chairperson says they have received the investigation report.

The findings, Jennifer Comalie says, indicate that despite market volatility, there has also been a significant breach of internal controls and governance systems.

The board, she says, is now looking at ways to hold those involved accountable.

Meanwhile, Ndeuyema was also quick to add that they were able to reduce the creditor’s book of N$2.5 billion to N$1.9 billion by September this year.

Regarding the National Oil Storage, Ndeuyema says they have so far optimised the facility by 70%.

The petroleum company has also submitted a request to its shareholders for a capital injection.

Both Ndeuyema and Comalie ducked the question of how much they needed for the capital injection.

This was revealed at a media briefing in Windhoek today.