Agribank to hunt again for a CEO

THE board of Agribank has caved in to the demands of Finance Minister Saara Kuugongelwa-Amadhila that they reverse the appointment of a chief executive officer and re-advertise the post.

Chairman of the Agricultural Bank of Namibia Dr Franz Stellmacher said yesterday that the vacancy for a new CEO would be re-advertised after the directors “recognised” that “slight, minor changes” concerning the Agribank Act needed to be implemented. Stellmacher declined to go into the “legal” details of why the board had made a U-turn – from vociferously pushing the Minister to agree to the appointment to suddenly agreeing with her last week.”It has to do with some technicalities within the Act.There are minor adjustments that have to be made,” said Stellmacher.The decision ends a deadlock of more than half a year between the board and Kuugongelwa-Amadhila.The Finance Minister, who by law must agree to the appointment if it is to go through, had refused to “concur” with the board’s choice of Maureen Hinda as the CEO.She argued that procedures had not been followed, but the directors were adamant that they had worked within the law, even ensuring that Hinda recused herself from meetings that dealt with the search for a CEO.Kuugongelwa-Amadhila has refused to divulge her reasons for squashing the board’s decision.The Namibian spoke to sources who claim that one of the reasons for Kuugongelwa-Amadhila’s objections to the appointment was because Hinda’s first cousin, Patricia Keeja, was a board member and had not recused herself from meetings dealing with the appointment.But Stellmacher said yesterday that Keeja and Hinda’s family ties had long been known to all the directors.”I do not see how one person could in any way [influence] five other people” to choose her cousin, Stellmacher said.Keeja declined to comment about the possible conflict of interest.Other board members said Keeja’s relation with Hinda was disclosed when she became a board member about one year ago.Stellmacher was unable to say when the post will be advertised, but indicated that Shihaleni Ndjaba, whom the Finance Minister sent to fill the void in the meantime would continue as acting CEO.It will be the third time the post will be advertised in less than two years after former CEO Tjeripo Hijarunguru allegedly raised suggestions of irregularities with the first process.After being forced out of the bank in January, Hijarunguru filed a labour court suit of N$6 million arguing that he should be compensated for the loss of his job that carried a N$83 000 monthly salary amongst other benefits.Stellmacher declined to go into the “legal” details of why the board had made a U-turn – from vociferously pushing the Minister to agree to the appointment to suddenly agreeing with her last week.”It has to do with some technicalities within the Act.There are minor adjustments that have to be made,” said Stellmacher.The decision ends a deadlock of more than half a year between the board and Kuugongelwa-Amadhila.The Finance Minister, who by law must agree to the appointment if it is to go through, had refused to “concur” with the board’s choice of Maureen Hinda as the CEO.She argued that procedures had not been followed, but the directors were adamant that they had worked within the law, even ensuring that Hinda recused herself from meetings that dealt with the search for a CEO.Kuugongelwa-Amadhila has refused to divulge her reasons for squashing the board’s decision.The Namibian spoke to sources who claim that one of the reasons for Kuugongelwa-Amadhila’s objections to the appointment was because Hinda’s first cousin, Patricia Keeja, was a board member and had not recused herself from meetings dealing with the appointment.But Stellmacher said yesterday that Keeja and Hinda’s family ties had long been known to all the directors.”I do not see how one person could in any way [influence] five other people” to choose her cousin, Stellmacher said.Keeja declined to comment about the possible conflict of interest.Other board members said Keeja’s relation with Hinda was disclosed when she became a board member about one year ago.Stellmacher was unable to say when the post will be advertised, but indicated that Shihaleni Ndjaba, whom the Finance Minister sent to fill the void in the meantime would continue as acting CEO.It will be the third time the post will be advertised in less than two years after former CEO Tjeripo Hijarunguru allegedly raised suggestions of irregularities with the first process.After being forced out of the bank in January, Hijarunguru filed a labour court suit of N$6 million arguing that he should be compensated for the loss of his job that carried a N$83 000 monthly salary amongst other benefits.