Nasan Energies signals new era of indigenous African energy leadership with retail acquisition – EnviroNews

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Nasan Energies, founded by the Group CEO of Millennium Investments, has completed the acquisition of 52 Engen and Shell-branded retail service stations across Namibia in a transaction with an estimated enterprise value of US$50 million, marking one of the most significant transactions in the country’s downstream petroleum sector.

More than a commercial milestone, the acquisition represents a defining moment for indigenous African ownership within a strategic industry and reinforces Namibia’s vision of building a globally competitive economy led by local entrepreneurs.

The acquisition process began in 2023 following the announcement of the Vivo Energy and Engen merger, which created an opportunity for strategic investors to acquire selected retail assets. More than 50 local and international companies expressed interest in acquiring the portfolio. Following a rigorous and highly competitive process, Nasan Energies was selected as the successful purchaser based on its proven financial capacity, technical expertise and long-term strategic vision for Namibia’s energy sector.

The acquisition transforms Nasan Energies into Namibia’s third-largest oil marketing company (OMC) and establishes the company as one of Southern Africa’s fastest-growing fuel retailers. The company has set an ambitious objective of becoming Namibia’s leading oil marketing company over the coming years through continued investment, operational excellence and customer-focused innovation.

At the forefront of this exciting development is Miguel Hamutenya, a 33-year-old Namibian entrepreneur, 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, 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.

Hamutenya returned to Namibia in 2016 to work with his father and contribute to building businesses focused on creating long-term value. Since then, he has played a critical role in developing Millennium Investments’ downstream energy interests, with fuel retail becoming a cornerstone of the group’s growth strategy. Through its subsidiary Central Gas Namibia, Millennium Investments Group is the country’s leading bulk importer, distributor and retailer of liquefied petroleum gas (LPG). The company previously acquired BP’s LPG assets in Namibia, further strengthening its position in the downstream energy market.

Notably, all shareholders of Nasan Energies are under the age of 33, demonstrating the company’s commitment to promoting the economic participation of young Africans.

“This is far more than the acquisition of service stations,” said Miguel Hamutenya, Founder and Director of Nasan Energies.

“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.”

Looking ahead, Nasan Energies will continue investing in its retail network, operational excellence, digital innovation, workforce development and strategic partnerships to strengthen Namibia’s downstream petroleum sector while exploring opportunities for regional expansion. The company is committed to positioning itself as one of Africa’s leading indigenous energy companies, demonstrating that African ownership, responsible investment and long-term thinking can drive sustainable growth across the continent,

As Namibia advances its vision for industrialization, and inclusive economic development, Nasan Energies aims to play a pivotal role in powering the nation’s future.