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Nib Bank President Steps Down

Feb 15 , 2024

Genene Ruga, the president of Nib Bank, has resigned during a deepening rift with the board of directors and pointed scrutiny from the industry's regulator, the National Bank of Ethiopia (NBE). Citing health concerns, Genene's departure marks a dynamic period of growth for the Bank and a time of internal discord that attracted the regulator's intervention.

Under his leadership, Nib Bank experienced a surge in financial performance. Its gross profit leapt to two billion Birr in 2021/22, from 645 million Br the previous year, while deposits swelled to 59.4 billion Br from 16.4 billion Br. Loans and advances saw an increase of more than fivefold, reaching 54 billion, and the Bank's total assets grew from 21 billion Br to an impressive 77 billion Br. The workforce doubled in size, and the Bank's paid-up capital expanded from 1.8 billion Br to six billion Birr.

This period of expansion also saw the completion of the Bank's headquarters and the acquisition of three new buildings, enhancing its physical assets.

"I did what I could in the face of numerous challenges," Genene reflected on his tenure, speaking to Fortune.

However, the path forward was not without its obstacles.

The Bank's management and its former board, led by Woldetsenay Woldegiorgis, found themselves in an escalating tension that eventually drew the attention of the NBE. The regulator's concerns over corporate governance and repeated complaints from shareholders led to a significant shake-up at a recent general assembly.

The intervention set the stage for a leadership overhaul, with shareholders electing Shisema Shewaneka as the new board chairman. His immediate emphasis on management changes signals a forthcoming shift in the Bank's strategic direction, aiming to resolve the governance issues identified by the NBE.

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