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.