The National Petroleum Corporation of Namibia (NAMCOR) has addressed its internal and external challenges to build a stronger, more resilient company.

The National Petroleum Corporation of Namibia (NAMCOR) and its Board have resolved to terminate the employment contract of its Managing Director, Imms Mulunga, effective immediately.

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.

The National Petroleum Corporation of Namibia (NAMCOR) has suspended its Managing Director, Immanuel Mulunga.

Its chairman said in a statement that the board has resolved to suspend Mulunga pending an investigation.