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Public Enterprises minister, Leon Jooste says his Ministry has not sanctioned the disposal of National Petroleum Company of Namibia (NAMCOR)’s 5% carried participating interest in Reconnaissance Energy Africa Ltd. (ReconAfrica) exploration activities in the Kavango Basin.

The National Petroleum Company of Namibia (NAMCOR) has agreed to sell half of its stake in the petroleum exploration licence (PEL 73) in the Kavango Basin to Reconnaissance Energy Africa (ReconAfrica) for a total consideration of N$414 million.

Capricorn Group Limited is projecting improved profits for the half year ending December 31, 2021.

Zambia’s central bank expects to complete research on forming a digital currency that could cut transaction costs and boost participation in the formal financial system by the fourth quarter.

Google has unpacked its plans to assist startups, SMMEs and nonprofits in South Africa, and help the country’s economic recovery process through large-scale investment.

This follows announcements made in October 2021 by Google and Alphabet chief executive officer Sundar Pichai, who announced a plan to invest $1 billion over five years to support Africa’s digital transformation.

The focus of these investments is to enable fast, affordable internet access for more Africans; build helpful products; support entrepreneurship and small business, and help nonprofits to improve lives across Africa, the group said on Wednesday (9 February).

“As the Covid-19 pandemic enters its third year, these initiatives seek to help alleviate the devastation caused in communities and offer support to organisations that work tirelessly to improve the livelihoods of South Africans.” – the charitable arm of Google – will meanwhile award $500,000 in grant funding and training to Gift of the Givers and Food for Life South Africa to support them in their economic recovery.

“To date, 22 South African nonprofit organisations have tapped into $6.5 million in grants to bolster their work supporting under-served Black youth, SMMEs, and women with skills and knowledge to improve their livelihoods,” said Dr Alistair Mokoena, country director, Google South Africa.

Investing in next-generation entrepreneurs

Google said it is also supportive of the concept that startups have the potential to unlock a myriad of job opportunities for South Africans through innovative thinking and products that seek to solve some of the country’s most pressing needs.

“Through a rigorous and competitive selection process, the Google for Startups Black Founders Fund in Africa Program has selected 50 top Black-led technology startups locally and across the continent to join the program,” it said.

The startups will receive $50 million in funding to help spur their growth as part of a broader Africa Investment Fund plan launched last year.

Another investment priority for Google is the SMME sector. In partnership with the Department of Small Business Development, Google said it wants to provide support, training, and resources to small enterprises through the newly launched ‘Hustle Academy’.

Google said that in the coming months, and in collaboration with Kiva and a local financial service provider, it will disburse $3 million in loans to qualifying small businesses in the country.

The internet and media giant also pointed out that its subsea cable investment, Equiano, is scheduled to land in South Africa later in the year, which will almost triple internet speeds in the country, and reduce connectivity costs.

“We are here for the long-term, and our investments and programmes are geared to support this,” said Mokoena.-bustech

Of South Africa's five major banks, Standard Bank has been singled out by critics for considering funding an oil pipeline project in East Africa.

FNB Namibia is warning customers against an eWallet scam, where fraudsters access and manage customers’ eWallet accounts on the FNB App.

Namibia’s decision to set up an oil refinery in the country will depend on the quality and quantity of the discovered fossil fuel, The Brief has learnt.

Mines and Energy minister Tom Alweendo told The Brief on Tuesday that the Government is still waiting for conclusive oil-drilling results to map the way forward for the lucrative petroleum sector.

“Yes, we confirm the discovery as announced by the entities involved. The announcement was made only after data confirmed the discovery. The commercial nature, i.e. the quantity and quality, will be determined by the results of the second well that will be drilled during this month. The decision to invest in a refinery will depend on the quantity and quality of the discovery,” he said.

This was after the Mines and Energy ministry had earlier officially confirmed the discovery of light oil within the Orange basin, offshore Namibia, with the commercial value of the discovery still to be ascertained through further drilling due to commence this month.

The National Petroleum Corporation of Namibia (NAMCOR) and its partners, Shell Namibia Upstream B.V and Qatar Energy’s Graff-1 well is said to have proved a working petroleum system for light oil in the Orange Basin, 270 km from the town of Oranjemund, where drilling operations commenced in early December 2021 and were safely completed in early February 2022.

“The discovery has boosted Namibia’s attractiveness to future exploration and we expect higher exploration activities. This gives us a clear shot of reimagining our economy,” Alweendo said.

Namibia has sought to develop oil and gas fields for decades with no success and the potential oil find could prove to be a game changer for the country.

The country’s offshore prospects have in recent years attracted many foreign companies including Exxon Mobil and TotalEnergies following discoveries in Brazil and Guyana which share geological similarities.

TotalEnergies started drilling in December the Venus-1 exploration well in the nearby Block 56 at a depth of 3,000 metres.

Shell holds a 45% stake in the offshore Petroleum Exploration License 39 (PEL 39) with a 45% interest held by Qatar Petroleum and a 10% held by the National Petroleum Corporation of Namibia (NAMCOR).

Namibian Marine Phosphate (NMP) says it’s taking the relevant steps to ensure that its Sandpiper Marine Phosphate Project complies with last year’s High Court ruling.

PwC has published its non-executive directors report for 2022, highlighting how much top management is earning in the country right now.

The report analysed executive pay during the period from 1 September 2020 to 31 October 2021, focusing primarily on executive remuneration among companies listed on the Johannesburg Stock Exchange (JSE).

Where non-executive directors have been remunerated in foreign currency, their fees have been converted into South African rand using the exchange rate at the cut-off date (31 October). As directors’ fees rarely follow a standard distribution curve, PwC used quartile/percentage range rather than averages.

The four categories of non-executive board members analysed are:


An examination of all fees paid to JSE non-executive directors shows that the average salary was R1.75 million for chairpersons.

“The role of a chairperson requires a large time commitment and an increasing level of involvement as it includes additional work carried out between scheduled meetings, representing the organisation externally and interacting with fellow board members and employees,” PwC said.

Deputy chairperson

An examination of all fees paid to JSE non-executive directors shows that the average salary was R1 million for deputy chairpersons.

“Some boards include the position of deputy chairpersons. This person assists the chairperson and fills in at meetings if the chairperson is unavailable,” PwC said.

Lead independent director

An examination of all fees paid to JSE non-executive directors shows that the average salary was R1.15 million for deputy chairpersons.

The lead independent director is required to preside at all meetings of the board at which the chairperson is not present or where the chairperson is conflicted.

Their duties include calling meetings of the independent directors, where necessary, and serving as the principal liaison between the independent directors and the chairperson. Their responsibilities would also include liaising with major shareholders if requested by the board in circumstances in which the chairperson is conflicted.

“Over the last few years, we have observed that lead independent directors have begun to play a larger role on boards, taking on greater prominence and responsibility in driving board independence. This has resulted in lead independent directors fees increasing more rapidly than other positions on the board,” PwC said.

Non-executive director

An examination of all fees paid to JSE non-executive directors shows that the average salary was R1 million for deputy chairpersons.

Non-executive directors are required to make up the majority of a board’s membership and should preferably be independent, PwC said.


While the above data provides an overview of the average salaries across the JSE, board members at ‘super-cap’ companies – making up the top 10 of the JSE – can expect to earn substantially more.

In 2021 these companies included:

  • Prosus;
  • AB InBev;
  • British American Tobacco;
  • Naspers;
  • Glencore;
  • Richemont;
  • BHP Group;
  • Anglo American;
  • Anglo American Platinum;
  • FirstRand.

PwC’s data shows that the average salary for a chairperson at a super cap is R9.7 million, while the average salary for a non-executive director at a super cap company is R4 million.-bustech