N$26m fee questioned in NHE funding deal
Independent Patriots of Change (IPC) member Armas Amukoto has questioned the appointment of South African company Sabela Capital (Pty) Ltd to facilitate funding for the National Housing Enterprise (NHE), raising concerns about procurement procedures and a reported N$26 million success fee. The concerns relate to a 2023 agreement that reportedly provides for a 2.25% success fee on a N$1.1 billion senior debt facility, amounting to approximately N$26 million.
An additional N$7 million is also reportedly being claimed in connection with a N$350 million DPN facility.
In a parliamentary notice of questions on Thursday, Amukoto sought clarification from the Minister of Urban and Rural Development, Jim Sankwasa, on whether Sabela Capital's appointment followed the required procurement procedures and whether all necessary approvals were obtained.
He further questioned the justification for the 2.25% success fee and how the amount was determined, as well as the contractual basis for the additional N$7 million claim. The questions further seek to establish whether the ministry will institute an independent forensic investigation into the company's appointment, the agreement signed and the involvement of NHE officials in facilitating the transaction. Amukoto also wants to know what measures will be taken to protect NHE from potentially unjustified payments and ensure that any financial misconduct or procurement violations are investigated and addressed.
