Nib Banks Short-Lived CEO Finds a New Home at DBE


Nib Banks Short-Lived CEO Finds a New Home at DBE

Finance Minister Ahmed Shide appointed Emebet Melese (PhD), who helmed as president of Nib Bank in May this year, to lead the Development Bank of Ethiopia (NBE), effective October 11, 2024. She has delegated Belay Gorfu, a vice president for strategic development to steer Nib Bank. Belay confirmed the role assigned to him on October 4 and the Bank's management yet to appoint an acting president to succeed Emebet. "The appointment is still pending," Belay confirmed to Fortune. Emebet succeeds Yohannes Ayalew (PhD), who stepped down several weeks ago after a four-year tenure. He was credited with steering the state-owned bank away from financial turmoil and restoring its credibility. DBE's turnaround began after the Council of Ministers approved a capital injection of 28.5 billion Br. He moved to run Amhara Bank, leaving behind a bank that reduced its nonperforming loan ratio substantially. Before her brief tenure at Nib Bank, Emebet served as vice president at the state-owned Commercial Bank of Ethiopia (CBE), overseeing strategic planning and transformation. She spearheaded initiatives promoting organisational change. An alumna of Addis Abeba University with a doctorate in business leadership, Emebet focused her dissertation on the role of organisational climate and market orientation in driving innovation within the banking industry. Her academic and professional background may position her to advance sustainable growth and innovation at DBE. Emebet declined to comment on the circumstances of her departure from Nib Bank, where she enjoyed generous compensation packages, and her priorities when running DBE, a state policy bank with a capital base of 39.7 billion Br last year, making it the country's second-largest bank after the CBE.

[ssba-buttons]

Radar

Dangote, EIH Break Ground on Mega Fertilizer Plant in Somali Region

Ethiopian Investment Holdings (EIH), the state's sovereign investment arm, has struck a deal with Dangote Group to build one of the world's largest urea fertiliser complexes in Gode, Somali Regional State. The 2.5 billion dollars project will see EIH hold a 40pc stake while Dangote keeps 60pc. With agriculture employing over 70pc of Ethiopians, the government hopes the factory will cut fertiliser costs, create jobs, and boost crop yields while positioning the country as a regional hub. Design...


Radar

CBE Capital Joins Nib Bank for Market Expansion

Nib International Bank has partnered with CBE Capital, the investment arm of the Commercial Bank of Ethiopia (CBE), to expand investment banking services and shore up its finances. The deal covers advisory services, seeking to strengthen Nib's balance sheet, attracting capital, and positioning the bank in a modernising financial sector. The partnership follows a difficult year for Nib, where net profit dropped 36pc to 957.9 million Br and deposits shrank, despite paid-up capital climbing to ...


Radar

Credit Cap Nears Lift-Off

The National Bank of Ethiopia (NBE) is preparing to lift its long-standing credit cap by September, unlocking 1.3 trillion Br in bank lending. The move, flagged by board member and State Minister of Finance Eyob Tekalegn (PhD), follows years of complaints from businesses that borrowing limits choked large-scale projects. Eyob told a local radio station the reform reflects rising investor appetite and improved economic conditions, though he admitted "financing has been the biggest bottleneck for...