Commission Lauds Averting Near Billion Birr Worth Corruption Cases

Dec 2 , 2023


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

Customs Commission Sets Another Franco Valuta Deadline

The Ethiopian Customs Commission has given importers who used the franco valuta system up to December 26 to finalize the import of their goods. This pertains only to importers who purchased the merchandise and registered their import documents to the Commission before November 7. The Ministry of Finance had previously offered a two-week window for merchandise imports made through the scheme to finalise customs procedures. It is to be recalled that the government banned merchandise imports under...


Radar

National ID Strides Further to Mandatory Field

The National Bank of Ethiopia issued a notice to all banks mandating the use of the National ID for new bank account openings starting January 1, 2025, for branches in Addis Abeba while the same will apply for branches in major cities on July 1, 2025. All branches nationwide must comply starting January 1, 2026, while existing account holders are required to present their National ID by December 2026. The Central Bank stated its objectives for the move are to enhance the security of the financi...


Radar

Hibret Climbs Further Profit Heights

Hibret Bank posted a surge in net profits to reach 2.3 billion Br, traversing economic adversities. The Bank grew its revenues to 13.23 billion Br—an increase of 28.1pc from the previous year. Total assets were registered at 96.58 billion Br, exhibiting a 16pc increase, while total deposits rose by 15.6pc to reach 74.65 billion Br. With loans and advances sitting at 68.89 billion Br, Earnings Per Share (EPS) stood at 383 Br. The Bank opened 26 new branches during the year to reach a total o...


Back
WhatsApp
Telegram
Email