Ex-Electric Power CEO Faces Corruption Charge

Azeb Asnake, the former CEO of Ethiopian Electric Power (EEP)


Ex-Electric Power CEO Faces Corruption Charge

Federal prosecutors charged Azeb Asnake, the former CEO of Ethiopian Electric Power (EEP), with alleged corruption involving 5.2 billion Br. Azeb was charged with 49 individuals from the Metals & Engineering Corporation (MetEC) and the EEP. Mulu Woldegebriel (Col.), former deputy director-general of the Corporation, is also a co-defendant. The charge filed on December 27, 2019, states that the EEP signed a 5.2 billion Br agreement with MetEC on November 26, 2014, for 123,189ha of forest clearing for the under-construction Great Ethiopian Renaissance Dam (GERD). The project should have been delivered in 720 days, but it only progressed 30pc during the contract delivery period, according to the charge. It also states that the defendants allegedly amended an article to make a half a billion Birr down payment from MetEC before signing the contractual agreement. "The officials intentionally delayed the contract in a way that seemed to be done to cost the government one billion Br," the charge reads. Azeb departed EEP on August 2018.

[ssba-buttons]

Radar

Nib international Bank Faces Heavy Hit from Forex Revaluation, Pays 348 Million Br in Penalties

Nib International Bank S.C. (NIB) has reported a significant loss of 2.9 billion Br, primarily due to extraordinary foreign exchange revaluation losses, this past Saturday, during its annual shareholders meeting at the Millennium Hall on Africa avenue, Airport Road. The bank faced substantial penalties amounting to 348.4 million Br. These penalties included a 251 million Br fine for liquidity shortages and a 97.4 million Br charge for violations related to Real-Time Gross Settlement (RTGS) payme...


Radar

Railway Network Upgrade Positioned as Engine of Economic Transformation

The National Railway Business Summit took place at Skylight Hotel on October 21, 2025, signalling a historic step in modernising its railway network as a foundation for national development and regional connectivity. Government officials, industry leaders, investors, and experts from around the world convened to discuss infrastructure expansion, financing models, and technology adoption. Asma Redi, chief portfolio director at Ethiopian Investment Holdings, noted that the Ethiopian Railways Co...


Radar

Gold Prices Ease After Recent Surge

The price of gold, which surged sharply in recent weeks, has started to decline in the current selling market. Over the past 15 days, 21-carat gold has traded between 24,000 and 25,000 Br per gram for imported products and around 21,000 Br for local gold. Imported 18-carat gold sold for 21,000 Br, while local 18-carat pieces were priced at 19,000 Br. Traders note that the recent increase was twice as high as typical fluctuations, attributing the spike to export patterns from Arab countries. ...