Supreme Court Sets to Rule on CBE Executive’s Bail Fight

Mar 28 , 2026. By NAHOM AYELE ( FORTUNE STAFF WRITER )

A senior executive at the Commercial Bank of Ethiopia (CBE) is fighting for the right to bail, a case that has moved swiftly to the Supreme Court. Nuri Hussein, vice president of CBE Noor, was granted bail bond of 200,000 Br by judges at the Federal High Court, but federal investigators appealed within days, arguing that his release could affect a probe into alleged corruption.

Justices at the Federal Supreme Court’s Appellate Bench are expected to decide whether Nuri Hussein, a senior executive in interest-free banking at the Commercial Bank of Ethiopia (CBE), should remain behind bars or be released on bail as federal investigators continue an alleged corruption probe.

The ruling will determine whether a Federal High Court decision granting him bail of 200,000 Br stands, or the appeal lodged by Federal Police will keep him in custody while investigators press ahead with an inquiry reaching into loan disbursements, staff promotion allegations, bank accounts linked to Nuri's relatives, and an internal audit report investigators allege reveales "a breach of directive" inside the Bank.

The case moved quickly through the courts. Within a week of the Federal High Court Lideta Division’s decision allowing Nuri to post bail and remain free during the investigation, the Federal Supreme Court received the case file after the Federal Police challenged the ruling. Investigators argued that releasing him could affect the inquiry. The Appellate Division registered the appeal, heard oral arguments, and set the matter down for a ruling expected this week.

Before his arrest, Nuri served as vice president of CBE Noor, the Bank’s interest-free banking division. He also worked as director of the Interest-Free Banking Department at Oromia Bank.

Investigators detained him and his secretary, Aster Ayalew, about three weeks ago at the Bank’s headquarters, on Ras Desta Damtew St., on suspicion of "abuse of office and corruption." Both were brought before the Federal High Court’s pre-trial hearing bench, where police accused them of using "official responsibilities and institutional access to facilitate corrupt transactions."

Federal investigators claimed that Nuri "solicited bribes" from borrowers seeking loan disbursements. They told judges that access to financing had been "made conditional on kickbacks or other benefits." Federal police also alleged that he sought "gains from bank employees by promising promotions or career advancement in return," an accusation investigators argued amounted to abuse of authority tied to his senior position. Aster, according to investigators, acted as an intermediary. Police alleged that "she communicated with clients, directed them to Nuri, and received kickbacks on his behalf."

Afro Salt Processing & Manufacturing Plc has emerged as central to the ongoing investigation. Federal investigators told judges that the National Bank of Ethiopia (NBE) had authorised 2.9 million dollars in forex access for the company to finance expansion projects and procure construction materials from abroad. Investigators alleged that, instead of processing the authorised disbursement complying with the directive, Nuri "demanded bribes from the company and received benefits, both in cash and in kind, as a condition for facilitating access to the funds." They also claimed that the investigation carried out "indicated that money from 300,000 Br to 3.9 million Br were allegedly received in connection with loan execution, while other suspected benefits were linked to promises of promotion for bank staff."

Investigators have also widened the inquiry beyond CBE’s internal chain of command.

In Court, the police alleged that Nuri is "suspected of using accounts belonging to close relatives, specifically his brother and sister-in-law," both of whom are described as businesspeople, as "channels for receiving funds connected to the case." They attributed it to an internal audit report prepared by the CBE, claiming "it showed a breach of directive within the institution," though the report did not identify who was responsible.

Investigators told the Court that part of their work is determining whether that breach can be attributed to Nuri, to others, or to a broader set of decisions inside the Bank.

According to investigators, the Bank had attempted to reassign "both suspects" from their positions and had even offered Aster a promotion. They said both declined the reassignment. Investigators argued that the refusal could be linked to an interest in retaining control over positions through which the alleged misconduct was carried out. They told the Court the case began after information was received about suspected irregularities and that additional information came from anti-corruption sources, particularly concerning Nuri.

Those claims were tested in open court at a hearing on March 23, 2026, before the Federal High Court Lideta Division’s pre-trial bench. The session, initially scheduled for the morning, was moved to the afternoon due to a heavy caseload. Federal Police asked for 14 more days of custody to continue the investigation.

Investigators said only a limited part of the inquiry had been completed due to workload constraints. Even so, they told the Court they had already identified 36 borrowers allegedly involved in transactions linked to the suspect and were obtaining statements from them. Police appealed to the Court that they were examining financial transactions and had requested an explanation in internal audit documents and other records from the CBE.

Two defence lawyers representing Nuri, including Aster's lawyer, rejected the investigators' account, arguing that their clients were not involved in any criminal conduct and that the allegations lacked sufficient evidence. They appealed to the Justices, arguing that their clients have known addresses, are unlikely to abscond, and would cooperate with investigators, making bail appropriate.

Nuri’s lawyers also contested the substance of the accusations. They argued that he lacked the authority to grant promotions within the Bank, challenging the claim that he could influence staff advancement. They also counter argued that there is "no procedure requiring a written letter from the National Bank of Ethiopia (NBE) for loan disbursement in the manner described by investigators." They maintained that the operational framework of interest-free banking did not support the allegations that the police have presented.

Federal Police, nevertheless, opposed bail, cautioning that Nuri’s "seniority and influence could allow him to interfere with witnesses or evidence." Investigators told the Court he could pressure Bank staff members who agreed to testify.

A three-judge panel granted bail, also setting a 100,000 Br bond for Aster. Police objected and appealed to the Court to suspend the order. The Court accepted the request for an appeal and instructed investigators to submit their challenge formally. They did so three days later, on Thursday, and oral arguments were presented before the Federal Supreme Court the following day.

The ruling is now pending at the Supreme Court, which will decide the question of bail.

PUBLISHED ON Mar 28,2026 [ VOL 26 , NO 1352]