The Ministry of Finance and Public Enterprises has announced the appointment of a temporary board for the Meatco Corporation of Namibia (Meatco) for a period of six months, effective from 1st September 2023 to 28th February 2024.
Former Agribank Chief Executive Officer and Momentum Metropolitan Namibia Group Chief Executive Officer, Sakaria Nghikembua, chairs the 11-member board, deputized by Barbara Dreyer.
Other board members include Joseph Andreas, former board chairperson Adolf Muremi, Anne-Dorris Hans-Kaumbi, Cyprianus Khaiseb, Kuniberth Shamathe, Martin Hilbert, Meriam Nghixulifwa, Paterson Tjipuea, and Mbakumua Hengari.
Muremi is the only member to be retained from the previous 10-member board.
This comes as, in July, Meatco employees staged a demonstration demanding an overhaul of the company’s entire management, including the board, citing maleficence, maladministration, nepotism, and alleged disregard for employees’ welfare.
In a petition, the workers demand better salaries and took issue with the extension of the board’s tenure for another two months after its term had lapsed at the end of June.
Meatco recorded a N$118-million loss for the period from 1st February 2022 to 31st January 2023, with auditors Grand Namibia warning that the company’s ability to continue operating as a going concern will depend on continuous government support.
During the period under review, the Government issued a guarantee in favour of the Development Bank of Namibia (DBN) for the meat processor to obtain funding amounting to N$200 million, an amount which was disbursed to Meatco at the end of July 2022.
