A 33-year-old Namibian entrepreneur, Miguel Hamutenya, has led one of the country’s biggest downstream petroleum transactions after his company, Nasan Energies, completed the acquisition of 52 Engen and Shell branded retail service stations in a deal valued at about US$50 million.
The acquisition positions Nasan Energies as Namibia’s third-largest oil marketing company, marking a significant shift towards indigenous African ownership in one of the country’s most strategic industries.
The transaction followed the merger between Vivo Energy and Engen, which created an opportunity for investors to acquire selected retail assets. More than 50 local and international companies reportedly competed for the portfolio before Nasan Energies emerged as the successful bidder.
According to the company, its financial strength, technical expertise and long-term vision for Namibia’s energy sector were key factors behind its selection.
Hamutenya, who is the Group CEO of Millennium Investments and Founder of Nasan Energies, described the acquisition as more than a commercial transaction.
“This is far more than the acquisition of service stations. This is about proving that indigenous African companies have the expertise, capital and vision to own and grow strategic national assets,” he said.
He added that the company believes Namibia’s economic future should increasingly be shaped by local entrepreneurs capable of creating lasting value, investing in communities and building businesses for future generations.
Hamutenya returned to Namibia in 2016 after studying abroad to help expand his family’s business interests. He holds an honours degree in Business Administration from BI Norwegian Business School in Oslo, a diploma in Corporate Finance from the European School of Economics in London, and is currently pursuing a master’s degree in Energy and Sustainability.
Through Millennium Investments, the group already owns Central Gas Namibia, the country’s largest bulk importer, distributor and retailer of liquefied petroleum gas (LPG), having previously acquired BP’s LPG assets in Namibia.
In a notable milestone, all shareholders of Nasan Energies are under the age of 33, underscoring the company’s commitment to expanding youth participation in Africa’s energy industry.
Following the acquisition, Nasan Energies said it plans to invest in expanding its retail network, digital innovation, workforce development and operational excellence, while exploring opportunities beyond Namibia as it seeks to become one of Africa’s leading indigenous energy companies.
The deal is being regarded as one of the most significant examples of young African entrepreneurs taking ownership of strategic assets traditionally dominated by multinational corporations.
