Unilever Ethiopia, a subsidiary of the British household name Unilever, unveiled a new line of Vaseline skincare products
on Thursday, June 26, at the Sheraton Hotel. The launch featured several new scented lotions and petroleum jelly
products. Unilever Ethiopia CEO Nesibu Temesgen and UK Ambassador to Ethiopia Darren Welch attended the event.
As a part of the enormous makeover of the country, a curvacious metal object pops out around Ghion Hotel, Stadium area announcing its presence among the electric poles in the area. Huge structures like these exist around the world serving different purposes and as a country planned for smart cities, the newly upgrades hint the essence of the plan.
No matter the inflation or currency swings, food stays a top priority after shelter—though both come at a high cost. Ehel Berenda in Atobis Tera, the backbone of the grain supply, waits for customers making their once-in-a-few-months bulk purchase, unless big events call for food to serve hundreds or thousands. Dried foods like grains and pulses are essential here: mainly because they can be stored well for months, and ensure families have security when times get tough.
The construction industry in Ethiopia is in “serious trouble,” said Chaltu Sani, Minister of Urban & Infrastructure Development, citing major challenges with finance, competitiveness and material costs.
Speaking at the opening of the BIG 5 Construct Ethiopia expo and the inaugural East African Infrastructure & Water Expo at Millennium Hall last week, Chaltu stressed the need for concerted efforts from government, private sector, and international partners to support the 67 billion dollars construction and 395 billion dollars infrastructure markets.
Over 180 exhibitors from more than 20 countries are showcasing products, technical demonstrations, and networking opportunities at the expos. Officials including Berhanu Nega (PhD), Minister of Education; Belete Mola, Minister of Innovation; and Yonas Ayalew, CEO of Ethiopian Construction Corporation, attended the event.
Yonas highlighted that such expos help boost competitiveness and collaboration in the sector. Chaltu added that her ministry is committed to encouraging foreign investment and wider sector cooperation to address financial constraints and build capacity.
Wegagen Bank S.C. and Gift Real Estate Plc. signed a Memorandum of Understanding (MoU) on June 23, to offer housing loans for homebuyers, with a special focus on the Ethiopian diaspora. The agreement enables eligible diaspora members to access loans covering up to 80pc of a home’s value at reasonable interest rates. The bank’s Deputy CEO Kidane Gebreselassie noted the deal will promote the real estate sector and expand homeownership options. Founder and CEO of Gift Real Estate, Gebreyesus Igata underlined the initiative’s role in enabling citizens to become homeowners through better financial access. The partnership is said to be a step forward in addressing Ethiopia’s growing housing demand while attracting foreign currency through diaspora engagement.
Jimma University has signed a four-party Memorandum of Understanding (MoU) with the Ethiopian Academy of Sciences, Derartu Tulu Sports Training & Research Institute, and the Oromia Youth & Sport Bureau to advance Ethiopia’s sports science and training capacity.
Signed on June 26, the agreement includes joint research, shared facilities, and hosting of national and international competitions. It is expected to strengthen youth development, public health, and national pride through coordinated sports initiatives.
University President Jemal Abafita (PhD) said the collaboration is expected to shape the next generation of athletes, trainers, and sports scientists, calling it a transformative step for the country’s sports sector.
The MoU will be implemented through joint planning, resource sharing, and capacity-building programmes, with potential to upgrade Ethiopia’s under-resourced sports infrastructure and introduce more scientific approaches to athlete development.
The Ethiopian Customs Commission has drafted a new Code of Conduct for customs clearing agents, targeting long-standing issues of fraud, under-declaration, and informal brokerage that cost the state in lost revenue.
Rooted in existing laws, the code sets strict ethical and operational standards for licensed agents, including accurate goods classification, permit advisory, and full compliance with customs procedures.
Agents will be held accountable for digital misconduct, such as password sharing and uploading unclear documents and practices linked to procedural delays. The code also bars agents from demanding untimely payments, misrepresenting fees, or acting inappropriately on Commission premises.
Clearing firms will now be liable for illegal acts committed by their employees, part of a push to boost institutional accountability. Agents must also avoid conflicts of interest, protect client data, and respond promptly to Commission queries.
Multiple violations will be treated as a single but serious offense. Officials say the move is part of wider reform efforts to modernise customs operations and improve service quality across the sector.
The Ethiopian Food & Drug Authority (EFDA) has begun implementing its pharmaceutical traceability system to curb the flow of illegal medicines. Rolled out on June 26, 2025, the system requires all pharmaceutical exporters to Ethiopia to register with the EFDA-MVC Traceability Hub. Companies must sign participation agreements and pay registration fees by July 25, with full traceability reporting due by June 3, 2026. A grace period for submitting aggregation data extends to December 1, 2026. The initiative is part of broader efforts to improve medicine safety through product serialisation and tracking. EFDA plans to provide technical support and host webinars to assist companies with the transition.
Ethiopian Reinsurance (Ethio-Re) is relocating its headquarters to the newly acquired Black Panther Building, purchased for nearly 100 million Br. Board Chairperson Dagnachew Mehari told Fortune that the long-delayed move is expected to take place next month following renovation work.
The relocation follows a major reshuffle at the board level. Dagnachew, CEO of Bunna Insurance, has been appointed chairperson, with Yonas Belay, Chief Growth & Strategy Officer at AGGAR Microfinance, named vice chairperson. Half of the six-member board is new, with Belay Gorfu from Nib Insurance joining as an additional member. Former chairperson Meseret Bezabih, CEO of United Insurance, remains a board member, alongside Zufan Abebe of Nib Insurance and Kelbessa Kera.
Ethio-Re has also overhauled its executive team this year, with Netsanet Lemessa appointed CEO. The board has initiated the process for an international credit rating from AM Best, a leading global agency in the insurance sector.
The eight-year-old firm reported a 60pc increase in profit after tax in 2023/24, reaching 391 million Br. Revenue climbed to 2.21 billion Br from 1.71 billion Br, while earnings per share rose to 2,176 Br, up from 1,552 Br. Net investment income reached 317.7 million Br, while operating and other expenses grew to 93.7 million Br.
The National Bank of Ethiopia (NBE) has issued a new directive requiring foreign banks to hold an investment-grade rating of at least BBB from Standard & Poor’s or Fitch, or BAA from Moody’s, as a precondition for entering the local banking sector.
The directive, which revises licensing and renewal requirements for foreign bank subsidiaries and representative offices, also sets the minimum paid-up capital at 5 billion Br for both domestic banks and foreign branches. Capital from foreign investors must be inwardly remitted in an acceptable foreign currency.
Ownership limits have been tightened: individuals may hold up to 7pc of a bank’s subscribed shares, legal entities up to 10pc, and total foreign ownership in non-subsidiary banks is capped at 49pc.
Foreign banks are permitted to operate either deposit-taking or non-deposit-taking branches, but not both. Each branch must appoint a senior country officer and set up a branch management committee.
The directive also includes fit-and-proper criteria for promoters, board members, and senior managers, and mandates that all customer data, account details, and transaction records be stored and processed within Ethiopia. The new rules took effect on June 25, 2025.
In a landmark transaction, CBE Capital, acting on behalf of a client with a brokerage account, purchased shares from Wegagen Capital, representing Wegagen Bank. The deal marks the first-ever inter-broker trade executed on the Ethiopian Securities Exchange (ESX).
Zemedeneh Negatu of CBE Capital S.C. confirmed to Fortune that the trade was finalised last Wednesday, June 26. He expressed enthusiasm about the first of its kind transaction, noting that CBE Capital is the first company to complete a trade on the ESX. He also acknowledged Wegagen Capital’s role as the first investment bank to facilitate share sales for clients looking to offload their holdings.
CBE Capital Investment Bank (CBE-CIB), a new player in the capital market, began operations with an initial capital of 100 million Br. That amount is expected to double to 200 million Br once the firm secures a custodial license.
The bank is majority-owned by the state-run Commercial Bank of Ethiopia (CBE), with a 30pc stake held by Dalol Capital, chaired by Zemedeneh Negatu. Brokerage fees at CBE-CIB are set at 1.6pc, positioning the firm as a competitive option for investors entering the ESX.
Wegagen Capital, a subsidiary of Wegagen Bank, serves as a licensed brokerage firm on the ESX. It enables customers to buy and sell shares while offering essential brokerage services, including order execution and transaction support for investors.
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