New Lease Financier to Join Business

Girma Wake, the former CEO of Ethiopian Airlines, along with eight foreign companies and individuals is forming the sixth lease financing company in the country.

Ethio Lease Ethiopian Capital Goods Finance S.C is under formation with 400 million Br in paid up capital by nine shareholders that hail from five countries including the United States, United Kingdom, Saudi Arabia, the Netherlands and Kenya.

Girma, who is also board chairperson of United Insurance and sits on the board of Ethiopian Airlines, is the proposed board chairperson of the company, which has already opened an office on Cape Verde Street.

Girma, 75, had served as the CEO of Ethiopian Airlines from 2004 until his retirement in 2011. He has 50 years of experience in the aviation industry and has also worked as board chairman of RwandAir, and as an advisor to the Rwandan Minister of Transport. Currently, Girma is the adviser to the president of Togo on aviation matters.

The company, which has 400,000 shares with a par value of 1,000 Br, is waiting for the final approval from the National Bank of Ethiopia (NBE) to commence operations.

African Asset Finance Company Holdings BV, a Netherlands registered company, holds the majority of shares in the company, while the remaining eight shareholders have one share each.

Gabriel Nigatu, a senior official at the African Development Bank based in Nairobi, Kenya, is also among the shareholders. African Asset Finance Company Inc, a privately owned US corporation launched in 2017 focusing on equipment leasing and asset-backed lending in Africa, is also among the shareholders.

Girum Tsegaye, who currently works as an advisor for African Asset Finance Company and had served as vice president of operations for United Bank, is the proposed CEO.