Monica Gives Up 50 Percent of Earnings

FIRST Lady Monica Geingos’ move to resign from 10 companies as a director will see her losing 50% of earnings.

As the First Lady, Geingos will earn a salary equivalent to that of a deputy permanent secretary, which is anything between N$350 000 and N$400 000 annually.

Geingos admitted to The Namibian yesterday, after she and her husband President Hage Geingob had declared their assets that have a combined value of more than N$100 million, that she would lose 50% of her annual earnings.

She has already resigned from the board that runs Namibia Media Holdings (NMH), which owns newspapers like Namibian Sun and The Republikein as well as from Alumini Fishing, a firm that has a hake fishing quota. Geingos bought into NMH through her company, Desert Trade Investments.

She, however, remains as Stimulus and PointBreak Group executive director. PointBreak provides investment and wealth management services.

Geingos is in the process of resigning from 10 companies namely Bannerman Resources Namibia, Cymot Limited, Cymot Investments, Joe’s Beerhouse Properties and Namibia Office Equipment Company which trades as Nashua Namibia, Plaspack Investments, Plastic Packaging, Plaspack Properties Prosperita, Toledo Investments and Walvis Bay Stevedoring.

Most of her wealth is carried by Stimulus Investments, an equity firm which has interests in media, fishing, retail, property and manufacturing. She owns 10% of Stimulus.

Geingos said her decision to go public about her wealth is also to show that she accumulated her riches fairly and can stand scrutiny.

“To me it also shows that you can accumulate wealth without relying on government,” she said.

According to her, becoming the First Lady came with making important decisions and her new role will have to accommodate such path.

Her husband President Hage Geingob invested over N$2 million into a unit trust account at PointBreak Group.

The First National Bank account of the First Lady indicates that she has around N$35 000 in it as of 13 May 2015.

Her house in Klein Windhoek is worth over N$7,5 million while her household items (including jewellery, gold, gems, arts furniture and livestock) is estimated at N$1,5 million.

Geingos owns a BMW 2008 model worth N$300 000 while her 2008 model Yamaha quadbike valued at N$35 000.

Her life insurance through PPS Life Cover is estimated at N$13 million while her investment in PointBreak is around N$265 000.

Geingos also owns Ebank Holdings. Her shares in Stimulus and Ebank is valued between N$25 million to N$50 million.

Her home loan mortgage is around N$3,8 million which she got in 2012 from the First National Bank.

Source : The Namibian