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.

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.