{"id":23780,"date":"2022-07-01T11:37:23","date_gmt":"2022-07-01T11:37:23","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-to-investigate-nauyoma-amushelelo-property-group"},"modified":"2022-07-01T11:54:40","modified_gmt":"2022-07-01T11:54:40","slug":"bon-to-investigate-nauyoma-amushelelo-property-group","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-to-investigate-nauyoma-amushelelo-property-group","title":{"rendered":"BoN to investigate Nauyoma, Amushelelo property group"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>The Bank of Namibia will investigate the business activities of a housing initiative of incarcerated activist Dimbulukeni Nauyoma and forex trader Michael Amushelelo that promises to deliver affordable housing to Windhoek\u2019s residents.<\/p>\n

The central bank was responding to queries regarding the legitimacy of the Property Group Save Namibia (PGSN), whose model has caused a stir in the public domain. \u201cProperty Group Save Namibia is not registered as a building society in Namibia,\u201d the bank\u2019s spokesperson Kazembire Zemburuka said when queried recently.<\/p>\n

Put simply, a building society is a financial institution regulated by the Bank of Namibia and owned by its members as a mutual organisation that offers banking and related financial services, especially savings and mortgage lending.<\/p>\n

\u201cThe Bank of Namibia will conduct an assessment to establish whether the business activities of Property Group Save Namibia contravene any law administered by the bank,\u201d Zemburuka added.<\/p>\n

The group is spearheaded by the Affirmative Repositioning (AR) movement\u2019s Nauyoma and forex trader Amushelelo.<\/p>\n

Legitimacy<\/p>\n

In the public space, the PGSN business model has raised eyebrows, with some quarters questioning its legitimacy.<\/p>\n

It promises cheaper houses and shorter repayment periods.<\/p>\n

For instance, a one-bedroom house is priced at N$195 000. This amount is to be repaid over 10 years, at no interest rate. A 10% deposit is required.<\/p>\n

Two and three-bedroom houses range from N$600 000 to N$800 000.<\/p>\n

Interested individuals will buy houses directly from the property group, and not through local commercial banks.<\/p>\n

However, at the heart of this promise is the ownership of the land on which the envisaged houses will be constructed.<\/p>\n

According to its pamphlet, PGSN proposes to establish Brakwater Estate on Portion 60 (a portion of Portion H) of the Farm Brakwater no. 48.<\/p>\n

\u201cThe estate will be state-of-the-art, and will employ the latest technology in estate management. It will contain \u00b1510 erven of mostly residential nature and support land uses of businesses, institutional, public open spaces and civic use,\u201d reads another section.<\/p>\n

What is peculiar is that while applications for land and housing continue being dished out, PGSN is yet to make any formal application with the City of Windhoek (CoW) for bulk services, township establishment or any other land-related matters.<\/p>\n

In essence, even if anyone buys land through the PGSN scheme, home ownership is far-fetched without the City\u2019s blessing and services.<\/p>\n

Open arms<\/p>\n

However, in a city where home ownership is a pipedream for many, CoW welcomes the initiative on condition it is above board.<\/p>\n

\u201cOur doors are open to any developer with good initiatives in land and housing. Our advice to developers and aspiring developers is to follow the law,\u201d CoW spokesperson Harold Akwenye said on Wednesday.<\/p>\n

He was, however, cautious to provide more information.<\/p>\n

\u201cWe cannot comment further until such time that council receives a formal township establishment or sub-division application from the developer, which if supported will culminate in the signing of a development agreement at the conclusion of the statutory process,\u201d said Akwenye.<\/p>\n

He was also quick to caution Windhoek\u2019s residents, whose thirst for land could make them vulnerable to unscrupulous schemes with questionable legitimacy.<\/p>\n

\u201cIt is their duty to ensure before signing documents or parting with their money that they have confirmed the legitimacy of the development, and that all paperwork is in place,\u201d he warned.<\/p>\n

The D factor<\/p>\n

What is more, Nauyoma\u2019s proximity to the business dealings of Amushelelo has been received with mixed feelings by some AR top brass.<\/p>\n

They believe the ties that bind the two could place the leftist movement\u2019s credibility into disrepute.<\/p>\n

A source who attended a heated meeting last year at which AR leaders were at each other\u2019s throats, said a resolution was taken to boot Nauyoma from the movement, citing his business interests.<\/p>\n

They, however, reneged and resolved that \u201cfor as long as his private dealings do not bring in AR\u2019s name, it is fine; he must also make a living,\u201d the source said.<\/p>\n

Both Nauyoma and Amushelelo are currently awaiting trial on charges of inciting public violence and committing various offences.<\/p>\n

Insiders also say the relationship between Nauyoma and AR\u2019s activist-in-chief, Job Amupanda, is at an all-time low.<\/p>\n

Both have refuted this, saying their relationship remains rock-solid.<\/p>\n

Some say calls have been made for Amupanda and fellow Windhoek City councillor Illse Keister to vacate their municipal seats to pave the way for unemployed AR activists to make a living from the sitting fees.<\/p>\n

When asked about his business ambitions and relationship with AR on Namibian Sun\u2019s talk show, The Evening Review in April 2022, Nauyoma was adamant that the PGSN was part of a bigger economic struggle.<\/p>\n

\u201cWe made a conscious decision to enter the business sphere. We are talking about genuine economic emancipation in our lifetime. How are we going to do that? It is not by being on a poster [or] by being at a protest,\u201d he stated.<\/p>\n

Nauyoma continued: \u201cIt is by genuinely joining the business sector and making sure that we use the leftist ideologies in a business concept to make sure that we are going to deal with those elements.\u201d<\/p>\n

He then dismissed claims that their initiative benefited in any way from Amupanda\u2019s stint as Windhoek mayor.<\/p>\n

\u201cWe never bought this land from the City of Windhoek. Never. We bought this land from private individuals who own the land\u2026 we bought this land from white people,\u201d Nauyoma added.<\/p>\n

He went on to say that \u201cthis land that we are selling is a concept that must liberate our people.\u201d<\/p>\n

According to him, they will unshackle many Namibian jaws of poverty through job creation, housing provision and allow them to \u201ctaste the fruits\u201d of independence.<\/p>\n

\u201cThese gimmicks [questions] about the land (sic)\u2026when you listen to pedestrian views, they disrupt you,\u201d he stated vaguely.<\/p>\n

Numbers<\/p>\n

In 2018, the Shack Dwellers Federation of Namibia released shocking statistics that at least 995 000 people were living in shacks in urban centres countrywide.<\/p>\n

The federation added that there were 308 informal settlements in urban areas, and about 228 000 shacks.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. The Bank of Namibia will investigate the business activities of a housing initiative of incarcerated activist Dimbulukeni Nauyoma and forex trader Michael Amushelelo that promises to deliver affordable housing to Windhoek\u2019s residents. The central bank was responding to queries regarding the legitimacy of the Property Group Save Namibia (PGSN), whose model has […]<\/p>\n","protected":false},"author":84,"featured_media":23779,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3,5,8,16],"tags":[234,236,233],"class_list":["post-23780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nBoN to investigate Nauyoma, Amushelelo property group - Namibia<\/title>\n<meta name=\"description\" content=\"The Bank of Namibia will investigate the business activities of a housing initiative of incarcerated activist Dimbuluken ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-to-investigate-nauyoma-amushelelo-property-group\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BoN to investigate Nauyoma, Amushelelo property group\" \/>\n<meta property=\"og:description\" content=\"The Bank of Namibia will investigate the business activities of a housing initiative of incarcerated activist Dimbuluken ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-to-investigate-nauyoma-amushelelo-property-group\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-01T11:37:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-01T11:54:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/07\/postQueueImg_2-62bee06fb6fd2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"479\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-to-investigate-nauyoma-amushelelo-property-group#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-to-investigate-nauyoma-amushelelo-property-group\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BoN to investigate Nauyoma, Amushelelo property group\",\"datePublished\":\"2022-07-01T11:37:23+00:00\",\"dateModified\":\"2022-07-01T11:54:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-to-investigate-nauyoma-amushelelo-property-group\"},\"wordCount\":1013,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-to-investigate-nauyoma-amushelelo-property-group#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/07\/postQueueImg_2-62bee06fb6fd2.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"community\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-to-investigate-nauyoma-amushelelo-property-group#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-to-investigate-nauyoma-amushelelo-property-group\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-to-investigate-nauyoma-amushelelo-property-group\",\"name\":\"BoN to investigate Nauyoma, Amushelelo property group - 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