Geingob’s Will Revealed

President Hage Geingob’s will provides insights into how the statesman distributed his wealth to his four children and family.

His assets include a farm, a private villa called Casa Rosalia, N$5 million in an investment with PointBreak’s money market and a government-funded Swakopmund retirement house that is said to have been given to his wife.

Geingob’s three-page will, which has been filed with the Office of the Master of the High Court, was made in December 2014 – two months before he married Monica Geingos (née Kalondo).

In 2015, Geingob publicly declared his assets, which put his combined wealth at the time at more than N$50 million. It is unclear if his wealth increased as most assets appear to have been moved into the family trust.

The will states that Geingob’s private residence in Windhoek, Casa Rosalia, his shareholding in the company Hada Loha, which owns his farm outside Grootfontein, as well as his animals and equipment will go to his family trust.

Geingob died on 4 February after losing a battle against cancer.

“I bequeath the following assets to the Dr Hage G Geingob Family Trust: My immovable property known as plot Casa Rosalia; my shareholding and loan accounts in Hada Loha; my livestock and all tools, equipment and implements on my farm,” the will reads.

The rest of his possessions will be split between four of his children Nangula (20%), Oshoveli (20%), Dangos (30%) and his namesake Hage, known as Junior (30%).

President Geingob’s eldest child, Mangaliso Fernandez, and widow Monica are not mentioned in the will.

However, The Namibian understands that Geingos was given a Swakopmund property that forms part of Geingob’s retirement package.

Former president Hifikepunye Pohamba also received a N$35 million retirement mansion when he stepped down from office in 2015.

The president’s former head of security, Johan Ndjaronguru, will take Geingob’s position in the family trust.

“In terms of the powers allocated to me in the trust deed of the Dr Hage G Geingob Family Trust, I appoint John Ndjaronguru in my stead,” his will reads.

During her husband’s memorial service, Geingos said the president had his affairs in order before he died.

“Because he spoke to us so often about his preferences regarding his legacy and expectations from us as his immediate family, it was easy to reach a consensus on key decisions,” she said.

She advised Namibians to update their wills and speak to their families about their preferences should death knock unexpectedly.

“Funeral arrangements and decisions surrounding them are made by people who are all grieving, and relationships can be tested,” Geingos said.

SUNRISE

Geingob’s family trust owns a 20% shareholding in the controversial African Sunrise Investment Pty Ltd, which he used to co-own with Jack Huang. African Sunrise Investment is a real estate company which aims to build a township east of Windhoek.

In 2017, Geingob distanced himself from the company, saying he had sold the shares, however, his family remains the shareholders.

In 2015, Geingob indicated in his asset declaration that the estimated value of his villa (Casa Rosalia) on the outskirts of Windhoek is between N$8 million and N$10 million.

At the same time, Geingob was in the process of becoming the sole owner of Hada Loha Investments, the entity which owns his farm. It was then estimated to be worth N$4 million.

Geingob appointed Pointbreak Trust and Estates as executors of his will.

“I direct that my executors shall specifically be allowed to render financial services in their professional capacity and in line with their normal business, in addition to their duties as executors and in connection with any matter arising from or relating to my estate,” Geingob wrote in his will.

Recently, Pointbreak published a notice to creditors in a local newspaper on lodging any claims they may have.

“The president, who resided in Windhoek, Namibia, married out of the community of property. All persons having claims against abovementioned estate are called upon to lodge their claims with the undersigned within 30 days from the date of publication hereof,” the advertisement reads.

Geingob further stated that his children’s partners will have no claim on their portion of the will proceeds.

During his 2015 declaration, Geingob noted that he had three luxury vehicles with a combined value of N$1 million and 150 cattle worth N$66 400, while his household goods are estimated to be worth N$2 million.

At that time, his biggest liability was a revolving home loan of N$6,5 million that his family trust has with Nedbank.