IMELDA AMBONDO
Government Institutions Pension Fund (GIPF) Chief Executive Officer Martin Inkumbi says their investment in Nambob is helping the rural people to access affordable and dignified funeral services.
In 2019, GIPF invested N$31 million in Nambob through Allegrow Fund (Pty) Ltd managed by EOS Capital Pty Ltd, one of the GIPF’s unlisted portfolios.
Nambob is a company that provides funeral services in Namibia.
In a statement released last week, Inkumbi said the investment into Nambob does not only help its financial standing but also benefits its members in non-monetary ways.
“What this means is that while the indirect investment by the GIPF in Nambob has not yet provided direct cash benefits, it facilitates a positive impact through improved access to affordable funeral services for many people, especially in rural areas and vulnerable groups through Nambob’s 13-branch national footprint across Namibia,” Inkumbi said.
The GIPF said the modest but steady growth of Nambob is aided by robust operational improvements over the past six years since GIPF’s indirect investment in Nambob.
“This investment fits with our goal of achieving sustainable returns while supporting the social economic development of our nation,” Inkumbi said.
EOS Capital managing director Elzine Mushambi lauded Nambob’s performance which saw the company achieving an 8% net profit in the 2024/25 financial year.
Mushambi described the performance as a resilient performance amid big challenges.
The N$31 million investment, made through Allegrow Fund and managed by EOS Capital, has helped turn around the company’s fortunes.
“Nambob’s transformation is a testament to the power of local management empowerment and strategic shareholder support,” said Mushambi.
According to Mushambi, Nambob’s growth is driven by robust operational improvements, including the closure of underperforming branches and a refocus on delivering exceptional service to Namibians.
Nambob was initially challenged with management and operational issues that affected the company’s performance.
The company however, went through a restructuring, and shareholder support led by Allegrow Fund, resulting in the closure of eight underperforming branches and streamlined operations.
Since then, Mushambi said Nambob has achieved profitability with the turnaround laying a foundation for sustainable growth.
The turnaround enabled Nambob to achieve significant operational improvements and reposition itself, enhancing its contribution to the Allegrow Fund’s long-term value- creation objectives.
Nambob now operates 13 branches across the country, providing funeral arrangements, cremations, memorials, and funeral insurance.
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