FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo


Nexus Hotel Reopens Doors

Nexus Hotel Reopens Doors

Nexus Hotel has reopened its doors seven months after Addis Abeba city officials shut it down for allegedly violating COVID-19 protocols and operating with an expired business license. The shutdown came a week after businesswoman Tiliksew Gedamu announced she was acquiring the hotel for 740 million Br. A staff member who spoke with Fortune on condition of anonymity said all 200 of the hotel's employees were called to duty earlier this month. The hotel opened to the public last Wednesday. Nexus Hotel was first opened in 2012. The four-star hotel located in the Gerji Mebrat Hail area rests on 3,000sqm and features 150 rooms, five meeting halls, bars, a restaurant, a gymnasium, a spa, an outdoor swimming pool and a parking lot. Tiliksew owns the Grand Resort & Spa in Bahir Dar, Amhara Regional State, and acquired Bellevue Hotel in Addis Abeba's Megenagna neighbourhood in 2020.

[ssba-buttons]
Radar

Ethiopia, IFAD Sign 69.2m Dollar Deal to Promote Lowland Resilience

The Ethiopian Government and the International Fund for Agricultural Development (IFAD) have signed a 69.2 million dollar grant agreement to implement Phase II of the Lowland Livelihoods Resilience Project (LLRP II). The grant agreement was signed by Finance Minister Ahmed Shide and IFAD President Alvaro Lario. The project targets climate resilience and improved livelihoods for three million people in pastoral and agro-pastoral communities. Co-financed by the World Bank, LLRP II covers eight reg...

Read more >>

Radar

NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...

Read more >>

Radar

Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...

Read more >>