National Bank of Ethiopia (NBE) gave Nile Insurance S.C. the green light for the company’s newly appointed CEO, Hailu Mekonnen.

Hailu started his Nile Insurance career back in 1995 and started as a junior clerk. However, in 2013 he joined Tsehay Insurance S.C. to be a manager and later be promoted to acting CEO.

Hailu has been heading Nile for the last 10 months even if the approval by the central bank was made 2 weeks back.

According to Fortune, the company’s profit rose from 20 million Birr to 80 million Birr under his leadership. The newly approved president replaced the long serving executive, Melaki Sisay.

Hailu is said to have attended at the Addis Ababa University for is undergraduate studies.

Nile was established 22 years ago and currently has 8 percent of the insurance industry.

Source: Fortune