Capital Market Authority Extends Public Company Registration Deadline, Warns Against Unlicensed Investment Bank

State Corps Post Growth Eyeing Innovation, Market Expansion

The Ethiopian Insurance Corporation (EIC) generated 9.34 billion Br in written gross premiums, marking a considerable 51.7pc increase compared to the same period last year. The Corporation's profit reached 1.2 billion Br, exceeding its planned target by 15pc and increasing by 62.7pc from last year's corresponding period. Executives of Ethiopian Investment Holdings (EIH), Ethiopia's sovereign fund that owns state enterprises, commended EIC for its achievements and provided strategic guidance to enhance operational efficiency, expand market reach, improve customer experience, and ensure long...

Ethiopian Airlines, AfDB Forge Partnership for Bishoftu International Airport Project

The Ethiopian Airlines Group has signed a letter of intent with the African Development Bank (AfDB) to launch a partnership for the ambitious Bishoftu International Airport Project. Mesfin Tasew, CEO of Ethiopian Airlines, and Nnenna Nwabufo, vice president of Regional Development, Integration & Strategy at AfDB signed the agreement. The two officials expressed their intent to consolidate the existing partnership through strategic and innovative engagements to benefit Ethiopia and the wider region. Ethiopian Airlines' mega project, involving the construction of Bishoftu International Ai...

CBE Hits Deposits Record

The Commercial Bank of Ethiopia (CBE) achieved a record 303 billion Br in deposits in the first seven months of the budget year—the largest deposit amount in the Bank's history. Total deposits now sit at over 1.4 trillion Br. The CBE attained 147.6pc of forecasts and now accounts for 58.3pc of the sector's total. The total amount of loans provided by the Bank has reached over 1.3 trillion Br, with 88pc of the 153.32 billion Br in loans disbursed by the mid-budget year going to the private sector. Also, 58.5 billion Br of the total loans were provided through CBE's Sharia-compliant service...

Revenue Bureau Cracks Down on Alleged Tax Evaders

Addis Abeba Revenue Bureau introduced a debt tracking system that would trace tax evaders. As a result, five vehicles were seized and sold to recover tax debts, generating 10.9 million Br. Currently, 13 additional vehicles and one residential property are in the process of being auctioned. In collaboration with the Financial Intelligence Service (FIS), the Bureau has been tracking taxpayers who try to escape the tax net. The Bureau has also announced that the deadline for submitting requests for QR code-bearing invoices has been extended for 30 days. It was revealed that 88,717 tax pa...

Capital Market Authority Demands Share Data from Public Companies

The Ethiopian Capital Market Authority (ECMA) issued a public notice last week, requiring all publicly held companies with more than 50 shareholders to submit detailed information about their existing shares. This order, which is in line with last year's Public Offer & Trading of Securities Directive, aims to facilitate the integration of existing securities into the regulated capital market system. The deadline for submission is March 10, 2025. Required information includes the total number of shares, a list of all shareholders with their contact information and shareholdings, the valu...

New Unit to Oversee City Tax Audits

The Addis Abeba City Administration Revenues Bureau has launched a new work unit to ensure the quality of tax audit decisions through a re[1]auditing procedure. According to Adane Sule, the head of the bureau's office, the new audit quality assurance unit will seek to address gaps and malpractices that previously existed due to the absence of a similar body to verify tax audit decisions. He asserts that the unit's main goal is to re-audit decisions, verify their quality and relevance, and correct any inappropriate audit decisions. The unit will re-audit decisions made from July 2024 onwards. A...