President and First Lady Declare Assets
Geingob's assets are worth over N$50 million while the First Lady's assets range from N$45 to N$60 million in equity.
The move comes after the President announced in his States of the Nation Address that he would declare his worth voluntarily in the second week of May, a promise that was slightly delayed by PriceWaterhouseCoopers.
Geingob started his historic declaration by listing assets acquired pre-independence before dealing with his current situation. “Today is the day. I am undressing myself in public because I hold a public office,” said Geingob.
Ministers will also have to declare their assets to the president while Permanent Secretaries will replicate the same move. Members of parliament will declare their assets to the Speaker of Parliament.
In addition the First Lady announced she was in the process of resigning from 10 companies as a director, a step making her lose 50% of her annual earnings.