Debub Global Appoints New Board Chairperson

Bikila Hurrisa (PhD)


Debub Global Appoints New Board Chairperson

Debub Global Bank has appointed Bikila Hurrisa (PhD) as chairperson of its board of directors, while Yonas Ayalew was named deputy chairperson. The two were nominated by shareholders during the Bank's regular general assembly held in December of last year. Debub Global has been in a pickle with the National Bank of Ethiopia (NBE) after being involved in "activities that compromise the financial health of the Bank and tarnish its reputation." As a result, dividends to shareholders from the Bank's earnings last year was suspended by the NBE. The Bank straightened out the issue with the NBE after fulfilling its forex liabilities in two rounds, though some still remains outstanding, according to Tesfaye Boru (PhD), president of the Bank. Accordingly, the central bank lifted the restriction on dividends to be distributed to shareholders last month. Debub Global Bank generated 292 million Br in net profits over the 2019/20 fiscal year, a 39pc growth from the previous year. It earnings per share stood at 347 Br during the same period.


Radar

Ministry Revokes Hundreds of Mining Concessions

The Ministry of Mines has revoked the licenses of 972 for alleged non-compliance with the terms of their exploration and production permits, and involvement in illicit trade.  Among those on the receiving end of the measure is Kefi Gold, a firm that has been conducting gold exploration in the Western Wellega Zone of the Oromia Regional State for over a decade. The 2,000hct exploration area is estimated to hold deposits of close to 50,000Kg of gold. Last week, the National Bank of Ethiopia ap...


Radar

World Bank, Fed Agree on $715m in Funds to Fight Food Insecurity

The World Bank Group and the Ministry of Finance have signed an agreement for 715 million dollars to go towards fighting food insecurity. Most of the financing (600 million dollars) is earmarked for the implementation of a Food Systems Resilience Programme. A third of the amount is in the form of grants, while the balance is credit. An additional 115 million dollars is pledged for improving access to financial services and bolstering economic activity in pastoralist areas. The areas target...


Radar

DISRUPTION HOPEFULS

Youths checkout a booth at the AddisRupt Expo 2022, which was hosted at Safari Hotel on June 25, 2022. The expo focused on technological and entrepreneurial work, showcasing over 20 startups to visitors. The promoters of the expo aimed at connecting startups with investors and was organized by firms such as LinkUp Addis, Profit Marketing and Afromile Trading...