Ethio-Re Nominates Nib Exec to Chair Board

Mar 23 , 2019


[ssba-buttons]

The lone re-insurance firm operating in Ethiopia, Ethiopia Reinsurance S.C (Ethio-Re), nominated the founder and former CEO of Nib Insurance as its new board chairperson. The board, during its meeting last Tuesday, nominated Hailemariam Assefa, the current managing director of Habesha Insurance Brokers, and sent the nomination to the National Bank of Ethiopia. If the central bank approves it, he will replace Hailemechael Kumsa, the founding chairperson of the reinsurer. Though the board has re-elected Hailemechael to continue chairing the board last December, the central bank rejected the nomination after citing his membership on the board of the African Reinsurance Corporation (Africa Re) as a conflict of interest. Ethio-Re, which had reported losses in the first two years of establishment, reported a 78.6 million Br net profit in the last fiscal year.


Radar

State-Owned Enterprises Deliver, But Fund Seeks More from Underperformers

Ethiopian Investment Holdings (EIH), the country's sovereign wealth fund, closed its annual performance review with a mix of strong gains and lingering concerns across its portfolio of state-owned enterprises. Ethiopian Shipping & Logistics led the year with 4.5 million tons of cargo, driving revenues up 90pc and doubling pre-tax profit. Sugar production from Wonji Shoa, Metehara, and Fincha climbed 34.8pc to 163,290 tons, nearly doubling revenues to 15.6 billion Br, though EIH flagged ch...


Radar

MIDROC Cocoa Drive, Local Production Focus on Value Addition

MIDROC Investment Group is placing a bold wager on cocoa in the lowlands of Sheka. Building on extensive trials at the Bebeka Coffee State Farm, the company has introduced globally prized Forastero, Trinitario, and Criollo varieties alongside coffee. "The results are astonishing," said General Manager Beshada Worku, pointing to international prices that range from 8,200 to 14,000 dollars a ton. The project's first phase covers 50 hectares, with 44,000 seedlings already planted. Expansion to ...


Radar

Bureau Maps Out 1,700 Land Rights in a Month

The Rights Registration & Holding Service Directorate under the Bureau of Land Development & Administration prepared over 1,700 landholding certification maps in a single month. The update came during the bureau's July performance review, which measured progress against the upcoming fiscal year's targets. Director Tesfamichael Endale said efforts are being scaled up to give farmers secure land rights and quicker certification. Deputy Head WendwossenBanjaw added that the priority ahead...