The Bank of Namibia (BoN) says it will continue to scrutinise investments made in the country, as it remains committed to ensuring the transparency and integrity of all investments.
BoN Governor Johannes !Gawaxab emphasised the importance of safeguarding the integrity and stability of the financial system, particularly in light of the recent discoveries of oil and gas, as well as the development of green hydrogen initiatives.
“The integrity of the financial system cannot be compromised. The Bank of Namibia will remain steadfast in upholding its statutory commitment to safeguard the integrity and stability of the financial system and prevent its potential abuse through fraudulent means,” he said.
!Gawaxab’s comments come amidst a concerning trend of escalating investment fraud within Namibia particularly those exploiting references to government initiatives and the nation’s developmental agenda.
These schemes often target prominent figures within the government, including senior public officials, politicians, and civil servants, leveraging their influence to lend an air of credibility to fraudulent endeavours.
“The perpetrators of these scams claim to be in possession of large investment funds, valued in the millions and billions of United States American Dollars or Euro, or a combination of both, which they claim will be used to finance Namibia’s development and support mega construction projects,” Acting Director of Strategic Communications and International Relations at Bank of Namibia, Naufiku Hamunime.
Hamunime further explained that the fraudsters presented forged documentation, including counterfeit SWIFT money transfers and payment transactions, to local commercial banks.
The documents falsely indicate that the funds are intended for the government’s developmental initiatives. However, closer scrutiny reveals significant flaws, such as typographic errors, inconsistencies in information, and the use of fake logos on letterheads.
“The Bank, based on outcomes of analyses and verifications done, determined that the purported investment transfers via SWIFT money transfers and/or foreign payment transactions and/or both are non-existent,” she said.
She also urged the public to exercise vigilance and discernment and individuals to scrutinise investment proposals carefully, verify information diligently, and promptly report any suspicious activity.
“The Bank herewith advises the public that it neither receives nor facilitates transactions on behalf of private individuals, legal entities or legal arrangements, except when acting on behalf of the Government,” she said.
