Geingob worth N$50 million, First Lady worth N$60m

WINDHOEK; President Hage Geingob is worth N.dollars 50 million, while his spouse’s estimated wealth is between N.dollars 45 million and N.dollars 60 million.

Geingob announced this at State House on Wednesday when he declared his current asset base and that of First Lady Monica Geingos.

The assets include money in different Namibian and international commercial bank accounts and life insurance.

Geingob also owns two erven in Swakopmund and one in Henties Bay, three vehicles and 150 cattle.

“As can be seen these are all fixed assets and does not mean that I did not experience cash flow problems. During most of this time I relied on temporary overdraft facilities until I sold 39 hectares of land as ordered by court as a settlement,” he said.

The president spoke about how he accrued his current personal net asset value, amongst others talking about a house he bought in the Potomac residential area in Maryland in the United States of America for US.dollars 1, 025 million (approximately N.dollars 11,2 million). He sold that house prior to the sub-prime housing crisis for US.dollars 1,4 million (approximately N.dollars 15,4 million).

Geingob indicated that in administering a nation, one has to be transparent and accountable.

“My track record as proponent of transparency and ethical behaviour in government can be traced back to my tenure as Prime Minister of Namibia when I initiated a programme to look into the issue of ethical behaviour in government,” he said.

The president stated that he is familiar with hardship in life. He narrated that while in exile in Botswana since 1962, he began working for the Swapo party and slept in the cold for one-and-a-half years with only one blanket.

“That time took its toll on me to the point where I have a very sensitive chest to this day,” he said.

Copies of the president’s financial disclosure reports were handed over to acting Chief Justice Petrus Damaseb for filling in the Supreme Court and the Director of the Anti -Corruption Commission, Paulus Noa for scrutiny.