WINDHOEK: The Development Bank of Namibia (DBN) board has announced on Monday that Martin Inkumbi, the Bank’s Head of Lending, will act as Chief Executive Officer, following the departure current CEO David Nuyoma.
Nuyoma, will leave the Development Bank at the end of 2012 to take up the position of CEO and Principal Officer at the Government Institutions Pension Fund (GIPF).
Inkumbi will act for a period of between six and 12 months, starting 1 January 2013.
In a media statement issued on Monday, DBN Board Chairperson, Elize Angula, thanked Nuyoma for his unstinting effort in establishing the Bank, putting it on a sound footing and entrenching strong governance principles in the institution.
Angula went on to ascribe the success of the DBN to its early adoption of and strict adherence to good corporate governance and thanked Nuyoma for his steadfastness in this respect.
“The DBN board expressed its appreciation for Nuyoma’s visionary leadership and, especially, his humility and intergrity, in the almost nine years he served at the helm of the Bank. We will certainly miss David, as he is such a good leader, a friend and wholeheartedly committed to Namibia,” Angula remarked.
Nuyoma joined the Development Bank in November 2003.
The Bank was launched in April 2004. At the time, the DBN had a balance sheet of approximately N.dollars 100 million.
Today, the Bank’s balance sheet stands at N.dollars 1.8 billion, making it one of the largest banks in Namibia in terms of net balance sheet.
The DBN board attributed this sustained growth to Nuyoma’s dedication to establishing a sound financial institution able to spearhead enterprise development in the country.
Speaking on his tenure at the DBN, Nuyoma singled out the value of good corporate governance, and having been blessed with a professional board and a supportive shareholder as some of the factors that contributed to the DBN’s success.
Nuyoma said he had the privilege of working with one of the most dedicated teams in the country.
“Not only are DBN staff committed to their work, they are committed to the country and have a strong desire to help build Namibia. The DBN is a strong values-based organisation and I will dearly miss the team I have been fortunate to have worked with,” he said.
He continued to thank the great number of partners and stakeholders who supported the Bank in its infancy and helped it grow into a mature organisation.
On the basis of the executive’s capacity and in accordance with the DBN statute, the Board has opted to appoint an acting CEO from the ranks of the bank’s Executive Management.
This is will ensure continuity of governance and operations.
Martin Inkumbi, the Bank’s Head of Lending, will act for a period of between six and 12 months, starting 1 January 2013.
“DBN was always managed as, and by, a team, and the team will continue with their effort to implement the Bank’s strategy,” Angula noted, adding that Inkumbi, who joined the Bank in 2006, will spend the next three months working at Nuyoma’s side to ensure a smooth transition.
“It will be business as usual at the DBN. The importance we attach to good corporate governance and our approach to financing development in Namibia, will remain. Inkumbi personifies the values of the Development Bank and the Board has the greatest trust in his ability to manage the bank in the manner it has been to date,” Angula said.
Nuyoma is new GIPF boss, Inkumbi takes over DBN in acting capacity
The Development Bank of Namibia (DBN) board on Monday announced that Martin Inkumbi, the Bank’s Head of Lending, will act as Chief Executive Officer when current CEO David Nuyoma departs at the end of this year.
Nuyoma will take up the position of CEO and Principal Officer at the Government Institutions’ Pension Fund (GIPF) on 01 January 2013.
Inkumbi will act for a period of between six and 12 months.
In a media statement issued on Monday, DBN Board Chairperson, Elize Angula said that on the basis of the executive management’s capacity and in accordance with the DBN statute, the board has opted to appoint an acting CEO from the ranks of the bank’s executive management.
This is will ensure continuity of governance and operations.
“DBN was always managed as, and by, a team, and the team will continue with their effort to implement the bank’s strategy,” Angula noted, adding that Inkumbi, who joined the DBN in 2006, will spend the next three months working at Nuyoma’s side to ensure a smooth transition.
She noted that it will be business as usual at the DBN, saying the importance they attach to good corporate governance and their approach to financing development in Namibia will remain.
“Inkumbi personifies the values of the Development Bank and the Board has the greatest trust in his ability to manage the bank in the manner it has been to date,” Angula said.
Angula then thanked Nuyoma for his unstinting effort in establishing the bank, putting it on a sound footing and entrenching strong governance principles in the institution.
She ascribed the success of the DBN to its early adoption of and strict adherence to good corporate governance, and thanked Nuyoma for his steadfastness in this respect.
“The DBN board expressed its appreciation for Nuyoma’s visionary leadership and, especially, his humility and integrity, in the almost nine years he served at the helm of the bank.
We will certainly miss David, as he is such a good leader, a friend and wholeheartedly committed to Namibia,” Angula remarked.
Nuyoma joined the Development Bank in November 2003.
The DBN was launched in April 2004, and at the time had a balance sheet of approximately N.dollars 100 million.
Today, the bank’s balance sheet stands at N.dollars 1.8 billion, making it one of the largest banks in Namibia in terms of net balance sheet.
The DBN board attributed this sustained growth to Nuyoma’s dedication to establishing a sound financial institution able to spearhead enterprise development in the country.
Speaking on his tenure at the DBN, Nuyoma singled out the value of good corporate governance, and having been blessed with a professional board and a supportive shareholder as some of the factors that contributed to the DBN’s success.
Nuyoma was quoted as saying in the statement that he had the privilege of working with one of the most dedicated teams in the country.
“Not only are DBN staff committed to their work, they are committed to the country and have a strong desire to help build Namibia. The DBN is a strong value-based organisation and I will dearly miss the team I have been fortunate to have worked with,” he said.
Nuyoma continued to thank the great number of partners and stakeholders who supported the bank in its infancy and helped it grow into a mature organisation.
Meanwhile, GIPF Manager for Communications, Elvis Nashilongo confirmed Nuyoma’s appointment in a media statement issued on Monday.
“Nuyoma brings along a wealth of experience to the GIPF team, being a renowned economist, who made a difference to Namibia’s financial and investment sectors,” said Nashilongo.
He explained that the GIPF Trustees took the decision last week Friday, adding that they searched for someone with tested leadership, the right qualifications, and management competency to lead the fund in a challenging and volatile business environment.