FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers TRADE AFRICA Election 2026 New TIME REMAINING UNTIL ETHIOPIA’S NATIONAL ELECTION 0Days 0Hours 0Minutes 0Seconds




Auditor Gives Deadline to Peace Ministry to Clear Audit

Feb 2 , 2019


[ssba-buttons]

The Auditor General gave a two and a half month deadline to the Ministry of Peace to clear a 19.3 million Br audit irregularity. The Auditor General pointed out that the gaps were caused by payments made without receipts, procurement made without the proper bidding process and without proper documentation and making procurements while there was no demand for products and services. Last Friday the four security and intelligence offices: Ministry of Peace, Ministry of Defense, Information Network Security Agency (INSA) and the National Intelligence & Security Service defended the audit gaps pointed out by the Auditor General. Six months ago the agencies were advised to clear the audit gaps for the years 2013, 2014 and 2017. In the latest session held at the end of last week, the offices presented their three-year reports to a special committee in parliament chaired by Tagesse Chafo, speaker of the house, which considered the recommendations of the Auditor General. The three agencies, except for the Ministry of Peace, cleared their audit report, while the Ministry still came up with some gaps that led the special committee of parliament to order the Ministry to report back in two and a half months.


Radar

Annual U.S.–Ethiopia Real Estate Expo to Debut in July

Harvest Circle Inc., a U.S.-based organisation, will launch the first annual U.S.-Ethiopia Real Estate & Construction Expo in July 2026. The event will bring together Ethiopian and U.S. real estate developers, construction firms, banks, insurers, property managers, and investors to explore partnership, financing, and investment opportunities. Organisers say the platform seeks to promote private sector-led urban development, facilitate diaspora investment, and expand market access for Ethiop...


Radar

Addis Abeba Housing Bureau Warns Landlords against Illegal Rent Hikes, Threatens Legal Action

The Addis Abeba Housing Development and Administration Bureau has issued a warning to landlords attempting to impose unauthorised rent increases or carry out unlawful evictions as the residential leasing cycle nears its statutory June 30 deadline. The warning follows reports of landlords pressuring tenants to vacate properties under claims of personal use or sale, alongside demands for steep rent hikes, according to comments made to state media. Kidist W. Giorgis, Head of the Bureau, said...


Radar

Development Bank Turns Corner as Profit Hits Eight Billion Br

The Development Bank of Ethiopia (DBE) posted a gross profit of eight billion Br in the first nine months of the fiscal year while repaying 15.6 billion Br in outstanding debt. Total income reached 17.3 billion Br, exceeding its target by 12pc. Presenting its performance to the House of Peoples' Representatives Standing Committee for Government Development Organizations, the bank highlighted progress from ongoing reforms, including reducing its non-performing loan ratio to 13.4pc, below the Nati...