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



City Admin Annuls Condominium Lottery Draw


City Admin Annuls Condominium Lottery Draw

Addis Abeba Mayor Adanech Abiebie has annulled the outcome of a lottery drawing for the transfer of condominium units that took place earlier this month. The decision came less than a week after the latest round of lottery draw for over 25,000 units. Officials say discrepancies in the digital drawing system and the lottery process were behind their decision to scrap the results. Less than 80,000 eligible individuals who have saved up the minimum downpayment for units built under the 20/80 and 40/60 housing programmes were entered into the lottery. Hundreds of thousands of hopefuls were left out. A committee comprising officers from the Information Network Security Agency (INSA) and the National Intelligence Service found that close to 100,000 people had illegally entered the draw by accessing the digital lottery system. It is the latest hiccup in the tumultuous saga of the city's low-cost housing scheme. Hundreds of thousands of residents have been waiting to receive units for over a decade after depositing down payments with the state-owned Commercial Bank of Ethiopia (CBE).

[ssba-buttons]

Radar

Abay Bank Lists on Ethiopian Securities Exchange as Fifth Entrant

Abay Bank Share Company began trading on the Main Board of the Ethiopian Securities Exchange (ESX) on June 25, becoming the fifth company to list after registering its ordinary shares with the Ethiopian Capital Market Authority (ECMA). The stock debuted at 1,800 Br a share, making all 9.66 million ordinary shares immediately tradable. The listing follows a year of strong financial and digital growth. For the fiscal year ended June 30, 2025, the bank reported a three-billion-Br profit, assets...


Radar

Court Freezes Bank Accounts and Assets in Cosmo Trading Dispute

The Federal High Court Civil Bench has ordered the Commercial Bank of Ethiopia, Awash Bank, Hibret Bank and Bank of Abyssinia to freeze accounts held by Cosmo Trading Plc and Haileyesus Mengistu, blocking transactions of up to 400 million Br. The order follows the House of Federation's April 27, 2026 decision to suspend enforcement of earlier commercial rulings while it reviews a constitutional dispute over inheritance and contested business assets. The case centres on a nine-storey hotel on...


Radar

Bule Hora, Kebri Dehar Universities Sign Austrian Partnership

Bule Hora and Kebri Dehar universities have signed separate memoranda of understanding with Austria's Leoben University to strengthen training in mining, petroleum and energy as Ethiopia seeks to build resource-based industrial capacity. The partnerships aim to enhance academic and practical skills in mining engineering, petroleum studies and energy systems, disciplines viewed as critical to the country's long-term extractive and industrial ambitions. Under the agreement, Bule Hora Univers...