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




Commission Lauds Averting Near Billion Birr Worth Corruption Cases

Dec 2 , 2023


[ssba-buttons]

Officials at the Federal Ethics & Anti-corruption Commission laud preventing a staggering 812 million Br possible losses, during the first quarter report to parliament last week. Commissioner Samuel Urkato revealed that nearly 1.9 million square metres of land was seized as it made its way into passing ownership through a chain of corruption. Despite the purported success of the Commission, low salary scales had resulted in around a quarter of its employees fleeing to better alternatives. Members of the Legal Justice & Democracy Affairs Standing Committee chaired by Ewnetu Alene enquired about the lack of cooperation schemes with other institutions like the Human Rights Commission and the Ombudsman Office. The Commission has a budget of 66 million Br for the year. Senior officials pointed to the lack of a sufficient budget for proper training and capacity-building programs. The report indicates that 25 million Br of the budget is earmarked for salary payments, with the rest of the budget dispersed for all other services by the Commission.


Radar

Prime Capital Joins ESX, Seeks Securities Dealership Licence

Prime Capital has secured trading membership on the Ethiopian Securities Exchange (ESX) and is pursuing a securities dealership licence to expand its brokerage and investment banking services, according to Head of Business Development and Marketing Fikremarkos. The firm received its trading membership after obtaining an investment banking licence from the Ethiopian Capital Market Authority (ECMA) and meeting all ESX requirements. The licence authorises Prime Capital to execute securities tran...


Radar

Parliament Ratifies Tax Amendment, Assigns PMO to Lead Conciliation, Imposes 10pc Penalty on Late Evidence

The Prime Minister's Office will appoint independent tax conciliators while taxpayers face a 10pc penalty for late evidence under the Federal Tax Administration Amendment ratified by Parliament last week. By shifting the selection of “conciliators” from the tax authority to the PMO, authorities aim to establish a neutral dispute-resolution system to speed up out-of-court settlements. Experts describe the move as a high-stakes reform with notable institutional risks. The legislation, pa...


Radar

ZamZam Bank Registers Shares, Eyes Capital Market Debut

ZamZam Bank has secured approval from the Ethiopian Capital Market Authority (ECMA) to register its shares, becoming the first fully interest-free bank to complete the regulatory process for public trading. The approval covers five million existing shares worth five billion Br and one million bonus shares valued at one billion Br, paving the way for the Bank's future participation in Ethiopia's capital market. ZamZam plans to raise its capital to 15 billion Br and introduce Sharia-compliant i...