{"id":68377,"date":"2024-05-09T17:18:55","date_gmt":"2024-05-09T17:18:55","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/nored-mum-over-its-financials"},"modified":"2024-05-09T17:40:38","modified_gmt":"2024-05-09T17:40:38","slug":"nored-mum-over-its-financials","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/nored-mum-over-its-financials","title":{"rendered":"NORED MUM OVER ITS FINANCIALS"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>For years, the Northern Regional Electricity Distributor (Nored) has been leaving its shareholders in the dark by remaining mum about its financial status.<\/p>\n

Nored was established in 2001 as an electricity distribution company for the Kunene, Omusati, Oshana, Oshikoto, Ohangwena, Kavango East, Kavango West, and Zambezi regions.<\/p>\n

The shareholders are Nampower, Local Authorities Electricity Company (Pty) Ltd. (LAEC), and Regional Councils Electricity Company (Pty) Ltd. (RCEC).<\/p>\n

Kavango East region chairperson Damian Maghambayi said he has never seen the company\u2019s financial reports since taking office in 2020.<\/p>\n

\u201cWe have many issues with Nored. They have not even presented us with the financial reports for many years,\u201d he said.<\/p>\n

The Windhoek Observer could also not find any financial reports on the Nored website.<\/p>\n

Christella Mwenyo, Oshikoto chief regional officer, also confirmed that they have never received financial reports from Nored.<\/p>\n

\u201cI have been in this position for two and a half years, and I have not received any annual reports,\u201d she said.<\/p>\n

The absence of annual reports by Nored has also affected NamPower\u2019s books.<\/p>\n

This is one of the reasons NamPower received a qualified opinion for its 2023 annual financial audits.<\/p>\n

\u201cWe were unable to obtain sufficient appropriate audit evidence about the carrying amount of NamPower\u2019s investment in Nored as of 30 June 2023 and NamPower\u2019s share of this associate\u2019s profit and other comprehensive income for the year then ended in the consolidated financial statements of the group, as well as the related deferred tax impacts, because audited financial statements of Nored were not available at that date,\u201d reads the financial report.<\/p>\n

Nored is also one of NamPower\u2019s largest debtors that switched off last year for a few hours due to non-payment.<\/p>\n

Toivo Shovaleka, the acting chief executive of Nored, declined to respond to questions sent to him.<\/p>\n

\u201cThank you for reaching out to Nored, however, as a matter of principle, we do not respond to innuendos without substance. I will make an exception by referring you to directly inquire from our staff whether they have ever experienced salary delays,\u201d he said before referring this publication to the company spokesperson.<\/p>\n

The Windhoek Observer wanted to know why Nored has not presented its shareholders with annual financial statements for years.<\/p>\n

The paper also sought to verify the company\u2019s financial stability following reports of last month\u2019s salary delays.<\/p>\n

The Windhoek Observer also inquired about Nored\u2019s plans to settle its over N$250 million debt with NamPower from last year.<\/p>\n

All male board<\/p>\n

The appointment of Nored\u2019s new board of directors for the next three years has also drawn criticism for its lack of diversity.<\/p>\n

The new board consists of Johannes Uushini as chairperson, John Mumba (vice-chairperson), Ruacana constituency councillor, Andreas Shintama, Simeon Uahengo, Timotheus Shikeva, and retired senior cost accountant manager at NamPower, Faris Ambunda.<\/p>\n

Leandro Kapolo and Lydia Nghaamwa were appointed as NamPower\u2019s alternate directors and representatives.<\/p>\n

Members of the public took to social media to express their concerns.<\/p>\n

\u201cWhere is our diversity on this board? Where is it? Where is gender representation?\u201d Imms Nashinge<\/p>\n

\u201cDiversity is broad, and Nored\u2019s jurisdiction is not well represented and covered. Whose interests are they representing? One needs to look into that.\u201d Robert Kells Kabunga<\/p>\n

\u201cThe arrogance with which ethnicity is being done in our country is worrisome. This begs the question: Is this done out of ignorance or willfully? Whatever the case, this is dangerous and unsustainable.\u201d John Nakuta<\/p>\n

Nored, in an announcement that was published in several newspapers, stated that the directors were appointed by its shareholders.<\/p>\n

Nored\u2019s spokesperson, Simon Lukas, dismissed the accusation of lacking diversity, saying that the board member is a woman.<\/p>\n

According to him, the Nored shareholding agreement stipulates that the company\u2019s shareholders appoint the company\u2019s board of directors.<\/p>\n

\u201cOur directors on the board are not representing regions. Please do not sensationalise the story with incorrect information. Stick to what we provide. We clearly indicated that they are representing RAEC and LAEC,\u201d said Lukas.<\/p>\n

One of the new board members, Andreas Shintama, the chairperson of the Omusati Regional Council, confirmed his appointment by stating that members had elected him to represent RCEC on the board.<\/p>\n

\u201cWe had a meeting, and I was elected to represent our regional company,\u201d he said.<\/p>\n

Meanwhile, Maghambayi said they sent in names, and only the alternative member, Shikeva, was considered.<\/p>\n

\u201cWe don\u2019t know what happened to Victoria Kauma\u2019s name. We don\u2019t even know who decided on the final names,\u201d he said.<\/p>\n

Maghambayi added that Nored is holding the regions hostage because the regional councils refused to renew the partnership agreements.<\/p>\n

The Omusati regional governor, Erginus Endjala, stated that he does not know how the appointment of the directors to Nored\u2019s board works.<\/p>\n

\u201cI am in the dark. I do not know how it is done. I cannot comment now. Anything I say will be vague. I have to go back and find out how it works,\u201d said the governor.<\/p>\n

Endjala was also unable to comment on the names of the companies that are involved in Nored.<\/p>\n

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

Africa-Press – Namibia. For years, the Northern Regional Electricity Distributor (Nored) has been leaving its shareholders in the dark by remaining mum about its financial status. Nored was established in 2001 as an electricity distribution company for the Kunene, Omusati, Oshana, Oshikoto, Ohangwena, Kavango East, Kavango West, and Zambezi regions. The shareholders are Nampower, Local […]<\/p>\n","protected":false},"author":84,"featured_media":68376,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-68377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nNORED MUM OVER ITS FINANCIALS - Namibia<\/title>\n<meta name=\"description\" content=\"For years, the Northern Regional Electricity Distributor (Nored) has been leaving its shareholders in the dark by remain ...\" \/>\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\/nored-mum-over-its-financials\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NORED MUM OVER ITS FINANCIALS\" \/>\n<meta property=\"og:description\" content=\"For years, the Northern Regional Electricity Distributor (Nored) has been leaving its shareholders in the dark by remain ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/nored-mum-over-its-financials\" \/>\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=\"2024-05-09T17:18:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-09T17:40:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/05\/sm_1715263779.628911.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"757\" \/>\n\t<meta property=\"og:image:height\" content=\"387\" \/>\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=\"4 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\/nored-mum-over-its-financials#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/nored-mum-over-its-financials\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"NORED MUM OVER ITS FINANCIALS\",\"datePublished\":\"2024-05-09T17:18:55+00:00\",\"dateModified\":\"2024-05-09T17:40:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/nored-mum-over-its-financials\"},\"wordCount\":860,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/nored-mum-over-its-financials#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/05\/sm_1715263779.628911.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/nored-mum-over-its-financials#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/nored-mum-over-its-financials\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/nored-mum-over-its-financials\",\"name\":\"NORED MUM OVER ITS FINANCIALS - 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