Shareholder war erupts over collapsed N$4bn Lüderitz oil deal

A bitter shareholder battle has erupted over the now-collapsed N$4-billion Lüderitz oil and gas supply-base project, with documents revealing disputes over equity, directorship, funding and control of the consortium.

Documents seen by Namibian Sun show that businessman Josef Andreas, acting for the consortium’s Namibian shareholders, sought to split the venture and separate the interests of the local shareholders from those of the foreign partner.

Tulaing Financial Service (Pty) Ltd, owned by Andreas, and Heritage Oasis Group Investment (Pty) Ltd, associated with businessman Jason Kasuto, collectively held 51% of Alpha Nautical Offshore Logistics (ANOL), while Alpha Offshore Solutions Limited, linked to Ghanaian businessman Jory Adu-Boahene, held the remaining 49%.

In a 29 March letter to the Namibia Industrial Development Agency (Nida), Andreas accused the foreign shareholder of failing to demonstrate the financial, technical and operational capacity required by Namport.

“To date, and despite numerous requests, the foreign shareholder has failed to provide any verifiable information or substantive evidence of its capacity,” Andreas wrote.

He proposed creating two separate project vehicles: Alpha Nautical 1, owned by the Namibian shareholders, and Alpha Nautical 2, controlled by the foreign shareholder.

He said the Namibian entity would handle local operations, compliance and funding, while the foreign partner would be responsible for its own funding and technical inputs.

Andreas argued that the split would prevent the project from being jeopardised by the “non-performance or unverified capacity” of either shareholder group and allow the Namibian partners to secure financing without exposure to the foreign shareholder’s risks.

The documents also reveal a dispute over control. Andreas said Tulaing held 25.5% of ANOL and that a binding shareholder resolution on 28 March appointed him as a director.

Government sources familiar with the negotiations alleged that the dispute intensified after the Namibian partners sought a larger stake, a proposal rejected by the foreign shareholder.

Funding dispute - The shareholders also presented competing claims about how the project would be financed.

Andreas said Tulaing had secured non-binding indicative term sheets from three Namibian financial institutions covering the project’s full capital requirement, although he did not identify the institutions.

ANOL, meanwhile, identified the African Export-Import Bank (Afreximbank) and the Fund for Export Development in Africa (FEDA) as proposed financiers.

In a 20 May response to Namport, ANOL said the project would be financed through 70% debt and 30% equity, with disbursement dependent on the signing of a concession agreement.

ANOL said Afreximbank representatives had visited Namibia in February and met Namport officials, mines and energy minister Modestus Amutse and finance minister Ericah Shafudah.

A 15 April letter from FEDA director Yann Rogombe to Shafudah confirmed that FEDA was considering a significant equity investment alongside a senior debt facility from Afreximbank.

‘Dead in the water’- The shareholder dispute unfolded after Cabinet approved the project on 4 November 2025, authorising Nida and Namport to jointly develop an integrated oil and gas supply base in Lüderitz and source a development partner.

The project collapsed earlier this month after Namport rejected ANOL’s proposal, saying the company had failed to demonstrate the financial, technical and operational capacity and track record required.

Namport also rejected Robert Harbour as the proposed site, citing its 8.75-metre water depth, hard-rock seabed and incompatibility with the port master plan.

ANOL disputed the assessment, arguing that the project included dredging to achieve an operational depth of between 9.5 and 10 metres.

The company also accused Namport of changing its position on Robert Harbour and said the port had previously identified it as the only immediate solution capable of meeting TotalEnergies’ requirements.

Namport has since invited fresh expressions of interest for the project.

Legal confrontation - The dispute has now escalated into a legal battle.

Windhoek law firm Cronjé Inc, acting for ANOL, wrote to Namport on 4 August demanding that it halt the process of appointing another developer and threatening legal action.

Questions sent to Namport chief executive Andrew Kanime were not answered.

Andreas told Namibian Sun on Monday that his proposed investment in ANOL never materialised, citing disagreements over the percentage of shares offered to him and the issue of directorship.

He said he had sought shares from Heritage Oasis Group Investment, but the parties could not agree on the directorship.

Andreas also stressed that his involvement should not be construed as representing government or any state institution.

“I’m a businessman, and I can’t speak for or on behalf of state institutions, including Cabinet, because I don’t work for any of them,” he said.