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Ethio-Re Nominates Nib Exec to Chair Board

Mar 23 , 2019

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.

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LOFTY CONSTRUCTS

A painting depicts traditional farming equipment at the Science Museum around the Arat Kilo area. Since the seizing of power by the current administration, large-scale architectural projects marked by grandeur have proliferated across the capital. The satellite city being built in the Yeka mountains, which is set to cost around 600 billion Br, according to the Prime Minister, is one such project yet to see the light of day. Some estimates put the plot size for the project at around 503hct despit...

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CLEAN BILL

A queue for diagnostics at the nation's largest state-owned hospital, Black Lion. As the health sector is largely funded by development partners from abroad, decreased support as donors shied away due to the war in the North has required the suspension of several new projects. Social health Insurance slated for next year was scraped due to a budgetary shortfall of five billion Birr. With the physician-to-patient ratio titering at around 1:30,000, queues in public hospitals are commonplace in Eth...

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ACRID GROUNDS

A street vendor puts up pepper for sale around the Lideta area. With agricultural produce accounting for the largest share of the nation's GDP at around 40pc, setbacks in the delivery of fertilizer have become a source of strife in rural Ethiopia. Only a third of the scheduled fertilizer of 1.3 million quintals has been distributed into the hands of farmers this year. This is despite the year being one in which the government claims to have met local demand for wheat and started exporting. Low p...

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