Nib Bank Shareholders Approve Capital Increase

Apr 1 , 2024

Nib Bank shareholders voted to raise the bank's paid-up capital to 20 billion Br, during their 20th emergency shareholders meeting held at Millenium Hall last week. Shisema Shewaneka, the newly elected chairman of the board, outlined their plans to restore the bank's reputation. He said the importance of shareholder participation in this journey and acknowledged the liquidity management difficulties they have faced. Shisema pledged to move Nib on a positive trajectory following the governance issue that brought him to the front. He encouraged shareholders to actively use the bank's services. Founded 24 years ago with a much smaller paid-up capital of 27.6 million Br raised from its initial 717 shareholders, Nib Bank has experienced impressive financial growth. Last year, it posted a net profit of 1.51 billion Br, a 12.7pc increase compared to the previous year. Deposits also grew significantly, reaching 59.36 billion Br, reflecting a 19.3pc increase. Loan and advance portfolios witnessed a substantial expansion of 36.8pc to reach 53.27 billion Br while total assets grew by 25.3pc to 77 billion Br.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...