Namibian-Owned Nasan Energies Completes Landmark US$50 Million Fuel Retail Acquisition

WINDHOEK, Namibia — Nasan Energies has completed the acquisition of 52 Engen and Shell-branded service stations across Namibia in a transaction valued at an estimated US$50 million, marking one of the country’s largest downstream petroleum deals and a significant milestone for indigenous ownership in the energy sector.

The acquisition elevates the Namibian-owned company to the country’s third-largest oil marketing company (OMC) and positions it among the fastest-growing fuel retailers in Southern Africa. In an industry traditionally dominated by multinational corporations, the deal represents a major shift towards local ownership of strategic energy infrastructure.

The acquisition stems from the 2023 merger between Vivo Energy and Engen, which required the divestment of selected retail assets. The sale attracted strong interest from more than 50 local and international companies seeking to expand their presence in Namibia’s fuel retail market.

Following a rigorous bidding process that assessed financial strength, technical expertise and long-term strategic capability, Nasan Energies emerged as the successful bidder.

With the transaction now complete, the company has set its sights on becoming Namibia’s leading oil marketing company through continued investment, operational excellence and customer-focused innovation.

A Young Entrepreneur Driving Growth

The company is led by 33-year-old Namibian entrepreneur Miguel Hamutenya, Group CEO of Millennium Investments and Founder and Director of Nasan Energies.

Hamutenya holds an honours degree in Business Administration from BI Norwegian Business School in Oslo and a diploma in Corporate Finance from the European School of Economics in London. He is also pursuing a master’s degree in Energy and Sustainability.

After returning to Namibia in 2016, Hamutenya joined his father in expanding the family’s business interests and has since played a leading role in building Millennium Investments’ downstream energy portfolio. Fuel retail has become one of the group’s key growth pillars.

IV ZEAL VITAMIN

Its LPG subsidiary, Central Gas Namibia, is already the country’s largest bulk importer, distributor and retailer of liquefied petroleum gas after previously acquiring BP’s LPG assets in Namibia.

Miguel Hamutenya, Group CEO of Millennium Investments and Founder and Director of Nasan Energies.

The company also highlights that every shareholder in Nasan Energies is under the age of 33, reflecting its commitment to increasing youth participation in sectors that have historically been inaccessible to indigenous entrepreneurs.

Speaking on the acquisition, Hamutenya said the transaction extends well beyond the purchase of fuel stations.

“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. We believe Namibia’s economic future should increasingly be shaped by local entrepreneurs who create lasting value, invest in communities and build businesses that future generations can inherit with pride.”

Building a Regional Energy Business

Beyond integrating its expanded retail network, Nasan Energies plans to invest further in network growth, digital innovation, employee development and strategic partnerships while exploring expansion opportunities across the region.

The company describes itself as one of Namibia’s first privately owned indigenous oil marketing companies and says the acquisition cements its position as the country’s third-largest OMC. Its long-term ambition is to build a world-class African energy company with a strong regional footprint.

Nasan Energies forms part of Millennium Investments Group, a diversified Namibian conglomerate established in 1992 and incorporated as a holding company in 1999. The group has interests spanning property development, legal consulting, mineral exploration and processing, fishing, financial services, petroleum, advertising and hospitality.

Beyond its commercial significance, the acquisition signals a broader shift in Namibia’s energy landscape. As countries across Southern Africa pursue greater energy security, stronger local participation and economic transformation, the transaction demonstrates that indigenous companies are increasingly capable of acquiring, managing and expanding strategic national assets.