Agribank has confirmed its CEO Sakaria Nghikembua will leave the bank at the end of July when his term comes to an end. The board has emphasised that Nghikembua has served his full term and opted not to renew his contract for a second term. He will take up a role as group CEO of Momentum Metropolitan Namibia, effective 1 August 2021.
The board and bank employees thanked Nghikembua for elevating the bank to become a premier agricultural lender and for his contributions since 2016.
Through his leadership, Agribank was put on a new, exciting growth trajectory.
The bank’s five-year strategy was devised and implemented.
Financial sustainability became a long-awaited reality, resulting in significant growth in the bank’s loan book, its interest income, as well as loan repayment and expense management discipline. The governance environment was strengthened, making Agribank one of few public enterprises to punctually complete its annual audits and hold its annual general meetings on time.
Agribank has become a customer-focused lender in Namibia’s most important socio-economic sector, agriculture. Numerous new products were launched, such as the salary-backed no-collateral loans, the emerging retail financing product and the women and youth scheme.
The bank’s accessibility to clients was improved with new branch offices at Gobabis and Grootfontein, whilst the Zambezi branch in Katima Mulilo was moved to more customer-friendly premises.
The bank implemented a robust performance management system and managed to recruit highly skilled executives, managers and employees at all levels – all of whom have played a key role in the implementation of the bank’s strategy.
Commenting on Nghikembua’s contribution, board vice chairperson Dagmar Honsbein stated: “It is regrettable to have to lose Mr Nghikembua to the private sector. The value he added was immense, and the board and the bank’s employees will continue to build on this solid foundation”. Honsbein added that the bank’s strategy and policies, aimed at ensuring its sustainability, whose implementation Nghikembua dutifully championed, will continue.
She further stated that the process of recruiting a new CEO is well underway and the public media will be duly informed.
On his part, Nghikembua said he relished his role at the bank, adding: “I feel privileged to have had the opportunity to serve in this public service role over the past five years. We have done some fantastic things and have achieved quite a lot in a difficult operating environment. We have in place a good team that will continue to implement the strategy to ensure we consolidate the gains of the past years. I am truly grateful”.