President Hage Geingob on Wednesday announced that the section in the New Equitable Economic Empowerment Framework (NEEEF) draft bill, that was to require Namibian businesses to sell 25% of their businesses to previously-disadvantaged Namibians, has been cancelled. “Let me use this opportunity to put the equity pillar of NEEEF into perspective. The 25% equity stake will not translate into broad-based empowerment and is done away with,” said Geingob during the State of the Nation Address. “In line with the philosophy of inclusive governance, nationwide consultations were undertaken and we have heard your concerns and considered your proposals. During consultations, a number of key policy and legal issues were highlighted. The Bill will be tabled in Parliament before the end of 2018. President Geingob said Namibians, especially the previously disadvantaged, do not have enough resources to invest in empowerment transactions, nor are they able to obtain access to funding to participate in such transactions. Some sectors such as mining are particularly capital intensive and come with huge risk during the exploration phase.