2merkato

Bunna International Bank nominated board members after raising less than one-fifth of the capital that it had hoped to raise.
The meeting to elect members of the board was attended by 66% of the 246 current shareholders of the company. The shareholders elected nine nominees to the board and submitted the names to the National Bank of Ethiopia for final approval.

Bunna will officially become the 16th insurance company in the nation if the central bank approves the list of nominees.

The Insurer licensed by the NBE in August of 2011 had hoped to sell 500,000 shares to raise 50 million birr but only managed to raise 8.63 million birr which is just over half of the subscribed capital said Zewdu Minas, promoter for the Insurance Company in a report presented during the election of board members.  

Ethiopia is to establish three institutes and develop Kombolcha Technology Institute to address the shortage of human resource in the textile and garment sector. It is expected that the institutes will commence operations in the next budget year.

The initiative to establish the institutions came from the Export Committee, which aims to support export-driven sectors by addressing challenges such as finance, electricity, land and human resources.

The Export Committee, chaired by Prime Minister Meles Zenawi, discussed means to address the need for at least 1.3 million trained personnel for the textile and garment sector with just 40,000 people currently engaged in these industries according to a study undertaken by experts from the Textile Development Institute.

Yigzaw Mekonnen is to be the new General Manager of Yetebaberut Beherawi Petroleum after resigning from his post as Managing Director of the Ethiopian Petroleum Enterprise.

Yigzaw has been with EPE since he joined the Asseb Refinery in Eritrea two years after graduating from the Engineering Department of Addis Ababa University. He went to do a Master’s Degree in Management from the Open University of London.  

Yigzaw is leaving the enterprise at a time when it is restructuring to merge with the National Petroleum Depot Administration. Mekonnen Teshome, a senior manager at NPDA will temporarily take over from Yigzaw it was learned.

Neptune Solutions plc, a leading international software company, is to launch a branch in Addis Ababa in the next two months. The company is currently seeking office space and hiring local staff said Raymond Badanga, country Manger for Neptune in the country.

A significant market has been created in Ethiopia since the National Bank required all banks to interface with the National payment system according to Badanga.

It is to be remembered that Berhan International Bank became the first bank to interface with the National Payment Service installing Rubikon, Neptune’s CORE banking system.

Berhan International Bank is ready to launch Internet Banking services as soon as it receives the go ahead from the National Bank of Ethiopia.

The bank is ready to launch online services with the completion of the online security audit that Ernst and Young was undertaking for it since last April. The audit was planned to evaluate the security of the bank form internal and external breaches said Amha Bekele, Partner at Ernst and Young and IT Head for East Africa.

Berhan customers will be able to access balance information, checking accounts, savings accounts, loan accounts, view bank statements, order checks and conduct intra-bank money transfers said Solomon Mamo, Director of Information Systems with Berhan.

The Council of Minister has approved the launch of the merger between the Ethiopian Petroleum Enterprise and the National Petroleum Depot Administration to form the new Ethiopian Petroleum Supplier Enterprise.

The merger will not affect the job description of the two enterprises but will allow for more coordination amongst them and an efficient use of resources according to sources.

The current board of the EPE, which consists of several high ranking government officials including Tekewold Atnafu (Governor of the National Bank), Alemayehu Tegenu (Minister of Water and Energy), Sufian Ahmed (Minister of Finance and Economic Development) is likely to continue as it is.

Allana Potash announced the discovery of 1.2 million tons of potash deposits in the Dallol depression of Afar Regional State.

The Canadian company engaged in large scale mining exploration in Ethiopia anticipates launching into production in one year to supply more than 2 billion US dollars worth of potash.

The Canadian-based Alana Potash, which has been undertaking a massive mining exploration in Ethiopia, has announced it has discovered over 1.2 million tons of potash deposit in the Dallol depression of Afar region. It also anticipated that it would transform itself into production the potash that it estimated to sell for over two billion dollars of the mining in one year.

The Association of Chartered Certified Accounts is lobbying for the launch of a capital market in Ethiopia said Martin Turner Vice President of the ACCA.

The ACCA will consult with Ethiopian policy makers and regulators to support the establishment of a capital market in Ethiopia he said.

Ethiopia will need access to capital if the country is to grow its presence on the international stage according to Turner. The country could gain access to capital in many ways but a capital market is a very important element he noted.

The new CORE banking system of the Commercial Bank of Ethiopia has successfully integrated above 100 branch offices across the country.

The bank installed the Temeno banking system from a Swiss vendor two months ago.

The system still has been encountering some problems related to logging in and accessing customer accounts due to poor internet connectivity according to some tellers at CBE branches.

The trade value of the Ethiopian Commodity Exchange has reached 21 billion birr in the current financial year while its trading volume has increased to 601,000 tons announced the ECX.

The trading value of the Exchange increased by 21% while its trading value showed an increase of 23% noted the company press release.

The increase in trading volume included the 52% increase in the trade in white pea beans, which reached 64,000 metric tons and a 38% growth in sesame trade to 303,000 metric tons.