Former National Petroleum Corporation of Namibia (Namcor) managing director Immanuel “Imms” Mulunga has been arrested by the Anti-Corruption Commission (ACC). The arrest was confirmed earlier today by ACC Director General Paulus Noa, who said further details cannot be disclosed at this stage.
Mulunga’s arrest forms part of an ongoing investigation that is reportedly closing in on other former senior Namcor executives. Sources indicate that former chief financial officer Jennifer Hamukwaya and ex-supply and logistics manager Cornelius ‘Cedric’ Willemse are also being closely investigated and could face possible arrest. Both individuals have since left the company.
Willemse was previously linked to the unexplained disappearance of fuel stock under his supervision, while Hamukwaya has been associated with questionable financial transactions. One of the most prominent controversies involves Namcor’s N$100 million payment for a stake in an Angolan oil block a transaction allegedly completed without board approval. Although the ACC previously stated that the Angolan deal, in isolation, wasn’t necessarily corrupt, it remains a significant part of the broader investigation into financial misconduct at the state-owned oil entity.
This latest development comes as Namcor struggles with severe financial challenges. According to its most recent financial report, the company recorded a loss of around N$700 million and reported liabilities amounting to approximately N$2.5 billion. The losses have been attributed to weak internal controls and cash flow difficulties.
By September last year, Namcor had reportedly reduced its debts to about N$1.9 billion through internal measures, including debt restructuring and operational cost reviews. In addition, the government intervened with a N$1.2 billion bailout to assist the company in settling critical supplier debts.
Namcor has since adopted a three-phase recovery plan aimed at stabilizing its finances in the short term, restructuring operations over the medium term, and implementing a long-term 15-year strategy to restore profitability and position the company within Namibia’s growing oil and gas sector.
While the ACC continues its investigation, no official confirmation has been given regarding further arrests in connection with the case.
