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.

It is alleged that Mulunga made a N$100 million payment to two Angolan oil blocks without the approval of the board.

The NAMCOR board has called on the public and media to give it time to finalize the investigation process in a respectful manner.

It has appointed Lionel Matthews as the acting Managing Director for an initial period of six months, starting from the 12th of April.

The board says the appointment of an external acting MD will allow for objective leadership and an independent investigation into the allegations against Mulunga.

NAMCOR's Executive of Business Strategy, Shiwana Ndeunyema, will take office until next Monday.

The NAMCOR board says it is committed to ensuring that issues are addressed in the interest of the company and the nation at large.

The Board also says it has put interventions in place to regain trust in the relationship between the Board and the NAMCOR management as well as ensure the execution of its strategy.