Bridgehead, the troubled subsidiary of the National Youth Council, has finally paid dividends of N$500 000 to its shareholder after years of failing to bring anything to the table.
The NYC business arm acquired fishing rights, and holds shares in various other companies. It is mandated to generate funds for the council, and ultimately uplift the youth agenda.
However, for the longest period, the company has not been paying its dues, except in 2020, when it was reported that it paid a small dividend.
Last year, the NYC board appointed two board members, Eva Awases and Simon Taapopi, to the board of Bridgehead on an interim basis.
Their goal was to ensure a smooth leadership transition following the resignation of the former board of directors, stabilise the company and its subsidiaries, and achieve full statutory compliance.
“Specifically, we were directed to ensure that all regulatory matters are resolved, finalise all outstanding annual financial statements of the entity, engage with and consolidate all entities in which Bridgehead has an equity interest, ensure that the company has active participation in those entities, and establish proper internal controls in pursuit of sound governance within the entity, in preparation for the appointment of a substantive board of directors,” said Taapopi during the recent dividends, declaration.
Taapopi said Bridgehead has the potential to significantly contribute to the youth development agenda by seeking out and pursuing high-value, deep-impact business opportunities that can drive positive change, while creating sustainable financial returns and building social capital.
Previously, New Era reported that Bridgehead had failed to produce audited financial statements, which ultimately had a domino effect on the council.
Taapopi indicated that such issues have been resolved, as the annual financial statements of Bridgehead are now finalised.
He said Bridgehead’s statements for 2018, 2019 and 2020 are already audited, while those for 2021 and 2023 are nearing completion.
“We have also made it a priority to finalise and adopt various organisational policies, which we are confident will bolster the company’s control environment and ensure sound governance,” he said.
In a previous interview with New Era, the council’s executive chairperson Sharonice Busch said Bridgehead was largely dormant.
She admitted to issues regarding transparency, accountability and effective ownership and control, which contributed to a lack of insight about the unaligned leadership transitions between Bridgehead and the shareholder.
“The board of the NYC will ensure that an annual general meeting takes place shortly after the resumption of the ninth representative council (RC) meeting, where the RC will nominate new substantive board members.
It is expected that the completion of these processes will enable BGH to deliver a higher return on investment to the NYC, and ultimately contribute to economic growth in Namibia,” the youth activist-turned-executive said.
Also speaking during the declaration of dividends, the vice chairperson of the council Josef van der Westhuizen said in just a year, Awases and Taapopi have delivered resoundingly.
“We can be assured as staff and structures of the National Youth Council that we have a diamond in the rough with Bridgehead Group Holdings, which, when used correctly, can continue to open economic doors for young people across this country as it strives to contribute towards the alleviation of youth unemployment and empower young people to be players in contributing to our economy,” stated Van der Westhuizen.
She further assured that the dividends will enhance the work of the council this financial year as it expands its programming while restructuring the leadership and taking the developmental agenda to the most remote areas.
“With these financial resources and government subsidy, the council will subsidise national youth organisations, youth with disabilities, youth from indigenous minorities, and regional and constituency youth forum structures for developmental programme implementation,” he said.
Van der Westhuizen then called on the public and private sectors to partner through joint ventures to diversify the business interests of Bridgehead for the interest and benefit of Namibian youth.
-ashikololo@nepc.com.na