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Development Bank of Ethiopia president resigning

Development Bank of Ethiopia
Getahun Nana
Source : The Ethiopian Reporter

May 18,2018

Development Bank of Ethiopia (DBE) president, Ato Getahun Nana, reportedly submitted resignation letter, according to a report by The Ethiopian Reporter.

The source did not have the detail as to why the president decided to tender his resignation letter. However, it noted that his action came after what the source described as “tense board meeting.”

Shiferaw Shigute, former minister of Education and head of EPRDF office, was appointed as board chairman of Development Bank of Ethiopia in 2016.

His resignation is submitted to the office of the prime minister, and prime minister is in the Gulf for an official visit to Saudi Arabia from where he headed to United Arab Emirates.

Ato Getahun Nana was appointed after the long serving president, Esayas Bahre, was dismissed as president following a decision by Public Financial Institutions Supervision Agency in 2016. The reason for the termination of the former president was not disclosed either.

A year or so ago, US based Ethiopian news outlet, Ethiopian Satellite Television, reported that Development Bank of Ethiopia was unable to recover billions of birr issued as loan to “investors.” About forty investors affiliated with Tigray People’s Liberation Front borrowed money from the bank on for investment in agricultural sector,for which they were given land in Gambella region of Ethiopia, but the money was spend in Addis Ababa for building rental condominiums.

Development Bank of Ethiopia is believed to be one of the institutions in Ethiopia that is highly squandered by TPLF officials and affiliates.

More than $11 billion dollar is believed to have left Ethiopia in illegal ways in a matter of ten years or so, according to transparency international report.

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