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.


Geda Special Economic Zone Receives Prospective Tenants

East African Holding and Ethio-Chicken have been shortlisted to invest in the Geda Special Economic Zone(GSEZ), located in the tri-state area shared by Mojo, Adama, and Shashemene cities within the Oromia Regional State. The two companies were selected from 120 investors who showed interest in acquiring space in one of the largest SEZs in Africa. Close to 404hct of land has already been developed in the expansive economic zone, out of a potential 24,000 hectares, with lease prices set between...


Standard Institute Revamps Fees, Board Restructuring

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Safaricom Ethiopia Rolls Out its Network to Tigray

With 125 self-built towers, Safaricom Ethiopia has launched its operations in the Tigray Regional State. Executives disclosed plans to invest in an additional 166 towers and expand their reach to the remaining towns. "This is the most exciting milestone in Tigray since the return of social services," said Getachew Reda, president of the Interim Regional State Administration. In July 2021, the consortium-backed telecom giant entered Ethiopia's market, historically dominated by state-owned E...