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Ethio-Re Set to Relocate as New Chair Takes Over

Jun 29 , 2025

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Ethiopian Reinsurance (Ethio-Re) is relocating its headquarters to the newly acquired Black Panther Building, purchased for nearly 100 million Br. Board Chairperson Dagnachew Mehari told Fortune that the long-delayed move is expected to take place next month following renovation work. The relocation follows a major reshuffle at the board level. Dagnachew, CEO of Bunna Insurance, has been appointed chairperson, with Yonas Belay, Chief Growth & Strategy Officer at AGGAR Microfinance, named vice chairperson. Half of the six-member board is new, with Belay Gorfu from Nib Insurance joining as an additional member. Former chairperson Meseret Bezabih, CEO of United Insurance, remains a board member, alongside Zufan Abebe of Nib Insurance and Kelbessa Kera. Ethio-Re has also overhauled its executive team this year, with Netsanet Lemessa appointed CEO. The board has initiated the process for an international credit rating from AM Best, a leading global agency in the insurance sector. The eight-year-old firm reported a 60pc increase in profit after tax in 2023/24, reaching 391 million Br. Revenue climbed to 2.21 billion Br from 1.71 billion Br, while earnings per share rose to 2,176 Br, up from 1,552 Br. Net investment income reached 317.7 million Br, while operating and other expenses grew to 93.7 million Br.

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Customs Commission Puts Government Transactions on Mesob

Public institutions must now process customs-related transactions through Mesob, a new electronic platform introduced to reduce manual procedures in government trade operations. The Customs Commission has directed the institutions to use the platform for customs clearance, transit processing, import and export procedures, transaction verification, and related services. Mesob became operational for public institutions on July 20, 2026, for customs services. Institutions must complete intern...

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Addis Grants Extra Month for Residential Lease Renewals

Lessors and tenants in Addis Abeba have an extra month to renew residential lease agreements after the City Administration extended the registration deadline from August 6 to September 5, 2026. The Addis Abeba Housing Development Corporation attributed the extension to public requests for more time. Officials said it would ease congestion at registration centres and allow residents to complete the process more conveniently. The renewal exercise began in early July, following the introducti...

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Government Procurement Goes Digital with 597b Br Turnover

More than 597 billion Br in government purchases passed through Ethiopia's electronic procurement platform during the 2025-2026 fiscal year, widening the use of digital systems in public finance. The platform was used by 172 federal institutions and 196 affiliated entities during the year. More than 135,000 suppliers were registered to provide goods and services through the system, which is intended to improve transparency, accountability and efficiency in public procurement. The governmen...

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