The Agricultural Bank of Namibia (Agribank) has announced the appointment of Mr Louis Du Toit as its acting chief executive officer for the next three months.

The appointment follows the departure of former CEO Mr Sakaria Nghikembua whose 5-year term ended on 30 July 2021.

“Following the departure of Mr. Sakaria Nghikembua last Friday, the Board has appointed the Chief Financial Officer (CFO), Mr. Louis Du Toit, as the Acting CEO. The arrangement is in place for the next three months, with effect from Monday, 02 August 2021,” Agribank’s manager for marketing and communications Mr Rino Muranda said in a statement.

Du Toit, a chartered accountant, has been with the Agribank since 2019. Prior to joining Agribank, he served in various roles at PriceWaterHouseCoopers (PwC) for close to a decade, including being a partner. He also served as a CFO in a multinational financial services group, for over 10 years. Du Toit has been a member of Agribank’s Executive Committee.

“As such, the Bank trusts that Mr. Du Toit, as an experienced member of its Executive Management Team, will continue to provide strategic leadership in the best interest of the Bank, towards meeting its objectives.

“The Board is currently seized with the recruitment process of the substantive CEO. To this end, interviews were conducted last week, and the outcome will be communicated to the public, once all the due processes are completed,” Muranda said.

In the photo: Louis Du Toit, the acting CEO of Agribank.