Financial giant Momentum Metropolitan Namibia and NamPost are quietly investigating a system breach which left a local businessman reeling from a N$2.2 million loss.
The Issue has learned that at least one NamPost employee has been arrested in connection with the theft. Despite refusing to provide details, both organisations have confirmed that they are investigating the matter. Businessman Andalberd Uugwanga triggered the probe after notifying both entities that he fell victim to a sophisticated scam which resulted in a part of his life savings vanishing from his investment account held with MMI. Information obtained by The Issue indicates that the fraudsters digitally manipulated Uugwanga’s identity documents to execute the heist.
The thieves utilised these fraudulent identity documents to successfully bypass safeguard protocols and open a new NamPost bank account under Uugwanga’s name. They then initiated a transfer request to MMI, draining his legitimate investment account into the newly created NamPost account. Uugwanga’s immediate crisis, however, is a gaping N$2.2 million hole that neither MMI nor NamPost seems willing or able to explain. They have also not offered to reimburse him. He expressed deep disappointment over how the two entities have handled his complaint, admitting he now fears his remaining capital remains unprotected.
He told The Issue that his ordeal began in April when NamPost routinely contacted him to verify if he had recently opened a new bank account with them. It was during this call that he discovered that an account existed under his name holding N$2.2 million routed from MMI. But at that point he had no idea the N$2.2 million had in fact originated from his MMI investment account.
Uugwanga later received a call from NamPost’s forensic department notifying him that the imposters had already withdrawn the bulk of the cash. The scammers had physically impersonated him, informing NamPost tellers the money was needed immediately to fund an abattoir construction project on his farm. By the time NamPost froze the account, a mere N$291 000 remained.
“We can confirm that the matter referred to is currently the subject of an active criminal investigation, said MMI spokesperson, Denille Roostee.
However, Roostee, in her emailed response to The Issue, said MMI is unable to respond to specific questions or provide further details due to the confidential nature of the investigations.
NamPost spokesperson Berlindi Van Eck, also confirmed the parastatal is investigating Uugwanga’s matter and that the relevant authorities have also been notified of the alleged breach and the investigation. “In the interest of preserving the integrity of the investigation, and due to confidentiality and statutory obligations, NamPost is not in a position to comment on specific allegations or provide further details at this stage,” read Van Eck’s emailed response.
Recent years have seen a spike in complaints by members of the public, especially pensioners, falling victim to scammers. The scammers often take large sums of money from their bank accounts.
The Speaker of the National Assembly, Saara Kuugongelwa-Amadhila lost N$159 000, while she was the country’s prime minister during June 2024. During 2022, defence minister Frans Kapofi also fell prey to scammers who left him N$200 000 poorer.
While the financial regulatory bodies have also reported that scams are increasing and becoming concerning.
The Namibia Financial Institutions Supervisory Authority (Namfisa’s) 2025 annual report stated that the financial watchdog only recorded nine complaints related to the conduct of Capital Markets entities between 2020 and 2024.
In 2024 Bank of Namibia ordered that banks refunds to 20 clients to the tune of N$1.5 million of losses incurred at the hands of banks, including money lost due to fraud. While the central bank also reported that during 2024 it received 2 153 complaints from the public about the conduct of banks.
