Namibian-owned energy company becomes one of Southern Africa’s fastest-growing fuel retailers, strengthening local ownership, energy security and economic transformation
Nasan Energies, founded by Millennium Investments Group CEO Miguel Hamutenya, has completed the acquisition of 52 Engen and Shell-branded retail service stations across Namibia in a landmark transaction valued at approximately US$50 million.
The acquisition represents one of the largest transactions in Namibia’s downstream petroleum sector and marks a significant milestone for indigenous African ownership in a strategically important industry.
Beyond expanding Nasan Energies’ retail footprint, the transaction supports Namibia’s ambition to develop a globally competitive economy driven by local entrepreneurs, investment and sustainable business growth.
Nasan Energies Expands Role in Namibia’s Fuel Retail Market
The acquisition process began in 2023 following the announcement of the Vivo Energy and Engen merger, which created an opportunity for investors to acquire selected retail assets.
More than 50 local and international companies expressed interest in purchasing the portfolio. After a competitive evaluation process, Nasan Energies was selected as the successful buyer due to its financial strength, technical capabilities and long-term commitment to Namibia’s energy sector.
Following the acquisition, Nasan Energies has become Namibia’s third-largest oil marketing company (OMC) and one of Southern Africa’s fastest-growing fuel retailers.
The company has outlined an ambitious strategy to become Namibia’s leading oil marketing company through continued investment, operational excellence, customer-focused services and innovation across its retail network.
Young Namibian Entrepreneur Driving Indigenous Energy Growth
At the centre of Nasan Energies’ growth strategy 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.
After returning to Namibia in 2016, Hamutenya joined his father in building businesses focused on long-term economic value creation.
Since then, he has played a key role in expanding Millennium Investments’ downstream energy operations, with fuel retail becoming a major pillar of the group’s growth strategy.
Through its subsidiary Central Gas Namibia, Millennium Investments has established itself as Namibia’s leading bulk importer, distributor and retailer of liquefied petroleum gas (LPG). The group previously acquired BP’s LPG assets in Namibia, further strengthening its position in the country’s downstream energy market.
Promoting Youth Ownership in Africa’s Energy Sector
A defining feature of Nasan Energies is its focus on youth participation and indigenous ownership. All shareholders of the company are under the age of 33, highlighting its commitment to increasing economic participation among young African entrepreneurs.
“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.”
The company views the acquisition as a demonstration that African-owned businesses can successfully compete in strategic sectors traditionally dominated by international players.
Nasan Energies’ Vision for Namibia’s Energy Future
Following the acquisition, Nasan Energies plans to continue investing in its retail network, digital transformation, workforce development, operational improvements and strategic partnerships.
The company is also exploring regional expansion opportunities as it seeks to position itself as one of Africa’s leading indigenous energy companies.
By combining local ownership, responsible investment and long-term strategic planning, Nasan Energies aims to contribute to sustainable economic growth and improved energy security across Namibia and the wider African continent.
As Namibia continues advancing its industrialisation agenda and inclusive economic development goals, Nasan Energies aims to play a key role in powering the country’s future.
About Nasan Energies
Nasan Energies is one of Namibia’s first privately owned indigenous oil marketing companies. Following the acquisition of 52 Engen and Shell-branded service stations, the company has become Namibia’s third-largest oil marketing company.
Nasan Energies is focused on advancing energy security, local ownership, economic development and sustainable investment while building a world-class African energy company with a long-term vision for regional growth.
About Millennium Investments
Millennium Investment Holdings (Pty) Ltd is a Namibian registered private company founded in 1992 and incorporated as a holding company in 1999.
The Millennium Group operates across multiple sectors, including property development and management, legal consulting, minerals exploration and processing, fishing, financial services, petroleum and oil products, advertising and hospitality.
The group’s businesses operate independently while sharing a common vision, mission and commitment to sustainable value creation through innovation and responsible investment.
Source: Nasan Energies.
Photo credit: Nasan Energies.
