The Namibia Industrial Development Agency has partnered with Ghanaian businessman Jory Adu-Boahene to secure a massive $4 billion oil terminal project in Lüderitz Bay that has drawn scrutiny due to connections with a Swapo-linked company. Documents reveal that Nida claims it will control 51% ownership in the project, with the remaining 49% distributed among several shareholders including Adu-Boahene and his partners. The ambitious project involves the construction and operation of a Lüderitz Bay oil and gas supply base to service Namibia’s burgeoning offshore petroleum sector.
A critical meeting took place at Walvis Bay between representatives including Nida acting CEO Phillip Namundjebo, Adu-Boahene, and Namibian Ports Authority CEO Andrew Kanime to discuss implementation frameworks, governance structures, and shareholding arrangements. Namundjebo confirmed that Nida’s 51% shareholding interest remains unchanged from previous communications. Another partner linked to the project is Josef Andreas, a businessman with established Swapo connections who chairs Guinas Investments, a ruling party-owned company.
Andreas insists he is pursuing the opportunity in his personal capacity as a businessman and emphasizes that the project requires private sector funding rather than government investment. The project resurfaced nearly a year after Guinas Investments initially sought involvement in the tender alongside Nida, triggering disputes between stakeholders and leading Namport to reject the unsolicited bid and cancel the advertised process.
Industry sources indicate that if the government desires majority control, it must contribute 51% of the estimated $4 billion required to fund the project. On its website, Alpha Nautical Logistics describes itself as a registered Namibian marine support services company established to meet the onshore-to-offshore needs of the country’s expanding oil and gas sector.
Source: allafrica.com