TIRI MASAWI
Senior executive Victoria Sibeya is in contention for the National Petroleum Corporation of Namibia (Namcor) top job, as the state-owned oil company moves closer to appointing a new managing director.
Sibeya currently serves as executive for upstream exploration at Namcor.
Her possible appointment is subject to Cabinet approval after the board concluded the selection process and submitted its recommended candidate to the line ministry.
The recruitment process and recommendations were finalised in March.
Minister of Industries, Mines and Energy Modestus Amutse did not confirm Sibeya’s name, but confirmed that the board has submitted its preferred candidate for approval.
“In that process, yes I can tell you that the interviews were concluded and the final short list was chosen. The board has submitted the final name of the leading and other candidates to my office. I am now in the process of making sure that we do this accordingly and get the process completed. I do not want to say or confirm names as that might jeopardise the process but we will soon have this issue approved by the cabinet,” Amutse told the Namibia Business Review last week.
Namcor board chairperson Florentia Amuenje did not answer calls made to her but Amutse said he is satisfied with the recruitment process.
“As far as I have been briefed by the board, the advertising and interview process went well. I am happy with where we are now and we must move forward and make sure that we complete this process properly. It is important that we handle such a process with transparency and satisfaction of everyone,” Amutse said.
Sibeya previously served as acting managing director from April to August 2025, where she led the company during a critical transitional period.
Sibeya yesterday said “I am not able to comment on anything to do with Namcor. I am sure you are aware of the procedures. You can call our formal communications channels. They may be able to help you as I am not allowed to speak to the media directly,” she said.
She was recognised for her work in the sector by receiving the Rising Star Award at the Big Five Board Awards for her contribution to Africa’s upstream energy industry in May.
Sibeya is a geologist and energy sector specialist with more than 20 years of experience. She joined Namcor in 2006 as a geoscientist. At the time, she was the only female geoscientist at the company for six years.
She later progressed to asset manager in 2012. From 2015 to 2019, she served as acting executive for exploration and production. She now holds the executive role in leading Namibia’s hydrocarbon exploration portfolio.
If approved, the incoming managing director will replace former boss Immanuel Mulunga, who led the company for nine years before being fired, and is now facing corruption-related charges together with other executives.
The case involves 71 criminal counts of fraud, racketeering and corruption amounting to more than N$480 million.
The charges stem from allegations linked to a military fuel supply arrangement with Enercon Namibia. The State alleges a multi-million-dollar credit scheme, sale of phantom assets, and bypassing of compliance procedures.
Namcor spokesperson Paulo Coelho said the company could not comment without board clearance.
“We cannot comment on speculation until we get official confirmation from the board. Until such time, we will be unable to comment. I have no feedback,” he said.
In the past three years, Namcor has had several acting managing directors.
Shiwana Ndeunyema served from April 2023 to January 2024 and is currently serving as an executive for business strategy and performance management. He also briefly stepped in after Mulunga’s suspension.
He was followed by Lionel Matthews, former managing director of Nedbank Namibia and advisor in the Ministry of Finance.
Bank of Namibia Governor Ebson Uanguta then served from January 2024 to March 2025. He was seconded from the central bank, initially on a six-month contract, later extended to a year.
Former deputy minister of finance Maureen Hinda-Mbuende led Namcor from August 2025 to February 2026 on a fixed six-month term.
She was later succeeded by Mtundeni Ndafyaalako, who has been acting since March 2026 . He joined Namcor in 2018 as a geoscientist and later became manager of new ventures before his current role as executive for upstream development and production.
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