Lion Insurance Joins Exchange Investment Pool

Apr 1 , 2024

Lion Insurance Company S.C. has joined the growing roster of investors in the Ethiopian Securities Exchange (ESX), marking a pivotal shift for the insurance industry. The company signed a deal to acquire a 10 million Br stake in the ESX, following in the footsteps of Zemen and Hibret Insurance who invested 20 million Br and 30 million Br respectively. The signing ceremony saw Abraham Mersha, CEO of Lion andTilahun Kassahun, CEO of ESX. This investment by Lion Insurance demonstrates the confidence of the insurance industry in the future of the ESX. It is a crucial step towards finalising ESX's capital raise, marking a significant moment for Ethiopia's capital market launch.


E-Consultation Portal Launched to Boost Stakeholder Engagement

An e-consultation manual and portal designed to enhance stakeholder engagement in the drafting of laws before their final ratification stage was launched last week. Developed by the Business Environment & Investment Climate (BEIC) project team, the platform operates under the oversight of the Justice and Technology ministries. It aims to improve transparency, efficiency, awareness, and effectiveness throughout the law formulation and enactment process. According to Belayhun Yirga, stat...


Trade Ministry Changes Guard

Prime Minister Abiy Ahmed (PhD) made a series of appointments last week, assigning Kassahun Goffe (PhD) as the new Minister of Trade & Regional Integration. Kassahun, who previously served as the State Minister, succeeds Gebremeskel Chala, who navigated the country through various trade reforms. The appointment comes amidst an export slump, as Ethiopia has faced major economic and political headwinds over the past few years. The Ministry reported a shortfall of 863 million dollars from it...


Ahadu Bank Savours First Taste of Profits

Ahadu Bank registered a 175 million Br gross profits in the ended year, turning around its financial performance. The two-year-old Bank established with 503 million Br in paid-up capital mobilised from 9,600 shareholders has also managed to double the figure to 1.03 billion Br. Ahadu's total assets have also nearly doubled to 6.3 billion Br, while its operating income soared to 1.15 billion Br from financial services for nearly 700,000 customers. It also expanded its branch reach across the c...