Development Bank of Namibia (DBN) CEO John Steytler resigned yesterday, but dismissed any assertions that he may have left the position under duress.

Steytler said he decided to step down with immediate effect after serving as the bank’s top executive for a year and six months.

“On record, I was not forced,” he told New Era, adding that he first needs to seek permission from his [business] partners before sharing further details.

His remarks come amid speculation that since assuming office, he has been working to close “taps” on alleged corruption within the institution.

However, according to sources close to President-elect Netumbo Nandi-Ndaitwah, Steytler is among the eight presidential appointees, and is due for a ministerial appointment in the coming weeks. 

Steytler is reportedly part of Nandi-Ndaitwah’s strategic team, which has been meeting on Fridays to chart the way forward for the next administration. 

While he maintains that he left out of his own volition, however, talk in the DBN corridors suggest there could be more than meets the eye.

A press statement issued by the DBN revealed that Steytler had decided to call it a day to pursue “new interests and opportunities.”

DBN’s board chairperson Evangelina Nailenge expressed gratitude for his leadership during his brief term. “Steytler has made a marked impact on the bank. We thank him for his service and dedication, and wish him well in his future endeavours,” she said.

Meanwhile, the recruitment process for a new CEO is set to begin immediately.

In the interim, John Mbango, an executive at the bank, will step in to fill the void.

Since taking charge in 2023, Steytler has reportedly been on a serious clean-up campaign at the bank where politically- exposed or connected Namibians had allegedly handsomely benefitted, to the detriment of deserving Namibians. “It is not clear whether he went after the wrong people, or he actually found out the company was deep in the red and refused to be the fall guy,” the source said.

A counter-version to this one is that Steytler was allegedly found to be unfit for the job.

Another insider said Steytler allegedly refused to sit on internal committees. In his stead, he allegedly delegated his subordinates, pointing to gross incompetence and grounds for dismissal. Steytler is a seasoned economist with a distinguished career in both the private and public sectors.

He previously served as the country’s first statistician general, heading the Namibia Statistics Agency.

The economist likewise served in late president Hage Geingob’s A-Team as the presidential advisor on the economy.

Mandate

The main objective of the bank is to contribute to the economic growth and social development of Namibia, and to the sustainable promotion of the welfare of the Namibian people. It does this by mobilising financial and other resources from the private and public sectors nationally and internationally.

It also appraises, plans,and monitors the implementation of development schemes, export projects and other economic programmes of national importance.

Another mandate of the DBN includes assisting in the development of money and capital markets.

The DBN does not participate in direct agriculture, as this is the mandate of the Agribank of Namibia. However, it may participate in agri-industry to add value to the produce of the agricultural sector. The bank also does not provide microfinance, but may provide apex microfinance for on-lending to microlenders with specific beneficial development outcomes.

-ashikololo@nepc.om.na