Namibian-owned Nasan Energies has completed the acquisition of 52 Engen and Shell-branded service stations in a transaction valued at an estimated US$50 million, positioning the company as Namibia’s third-largest oil marketing company and one of Southern Africa’s fastest-growing fuel retailers. The acquisition marks one of the largest transactions in Namibia’s downstream petroleum sector and is being hailed as a significant milestone for indigenous African ownership in a strategic industry.

The deal follows the merger of Vivo Energy and Engen, announced in 2023, which created an opportunity for investors to acquire selected retail assets. More than 50 local and international companies expressed interest in the portfolio before Nasan Energies emerged as the successful bidder following a competitive selection process.

The company said its selection was based on its financial strength, technical expertise and long-term vision for Namibia’s energy sector. Nasan Energies was founded by Miguel Hamutenya, the Group Chief Executive Officer of Millennium Investments, who said the acquisition represents more than business expansion.

“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,” Hamutenya said. “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 plans to invest further in its retail network, digital innovation, workforce development, and strategic partnerships as it seeks to strengthen Namibia’s downstream petroleum sector and expand into regional markets. The company said it aims to become Namibia’s leading oil marketing company while supporting energy security, local ownership, and inclusive economic development.

Founded in 1992, Millennium Investments has diversified interests across property development, legal consulting, mineral exploration, fishing, financial services, petroleum, advertising and hospitality. Through Nasan Energies, the group says it is committed to building a world-class African energy business that contributes to sustainable economic growth across the continent.