Wednesday, April 17, 2024
HomeLatestEthiopia's State Bank Mobilizes Task Force to Recoup 6 Billion Birr Lost...

Ethiopia’s State Bank Mobilizes Task Force to Recoup 6 Billion Birr Lost through mysterious “system failure” 

Abe Sano _ Commercial Bank _ Ethiopia
Abe Sano, president of commercial bank of Ethiopia (Photo : ENA/file)

borkena 

Toronto –  A day after the reported compromise of Ethiopia’s state-owned bank – Commercial Bank of Ethiopia – which reportedly led to a loss of over six billion birr within hours due to fraudulence, the bank has reportedly formed a task force to go after those who took advantage of the digital banking “system failure” to withdraw or transfer huge amounts of money.

Wazema radio reported on Sunday that it had heard about it from close sources – apparently from within the bank. Members of the task force are drawn from security forces and experts from the National Bank of Ethiopia, and it aims to recover the money that was illegally transferred or withdrawn within six hours starting last Saturday midnight (local time).

The source indicated that the Commercial Bank of Ethiopia does not yet know the amount of money it lost, but it indicated that over six billion birr worth of transactions were conducted in a matter of six hours, and over 25,000 money transfers were made.

Also, Wazema cited Fortune, a local newspaper, as saying that 66,000 Commercial Bank of Ethiopia clients were affected by the situation. From the report, the bank does not seem to be interested in confirming the amount of money that it said to have lost during the six hours of unexplained failure to the bank’s digital banking system.

Borkena has learned from citizens’ reports on social media that most money transfer transactions and ATM withdrawals were observed among university students. Jimma University and Addis Ababa University have issued warning statements urging students to return if they have withdrawn or transferred money from the bank and avoid facing legal consequences.

There were remarks that the incident was related to a cyber attack on the commercial bank, but the bank denied that there was one. It related the incident to an “error in the system.”

Wazema cited its sources from within to report that bank authorities were shocked when last Thursday about one hundred million birr government digital payment was authorized by more than one person. It was after that the bank worked to fix the system on Friday, and the systemic failure incident happened on Saturday night.

Also, the source indicated that cybersecurity experts remarked that the incident could be related to an attack on the bank’s digital infrastructure from within, although the bank denied that the incident was related to a cyber attack. Last week, the bank fired more than 200 employees in connection with fraudulent educational credentials.

The Ethiopian government had been suffering from internal sabotage which was made possible due to ethnic politics and radical ethnic nationalists within the government structure. A few years ago, a national leaving examination for high school was stolen – was recurring in the Oromia region – to the point that the exam result was disqualified. 

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11 COMMENTS

  1. I would not be surprised if the pilfered money had somehow made its way into Minnesota, Toronto, Oslo and Down Under. These are the dens of the most conniving and bigoted individuals and groups among our Diaspora who hate Ethiopia wholesale. Some of the most virulent and crafty ones of these are not even Ethiopians. They might have been born in Ethiopia but take guidance and orders directly from a foreign sitting government. You can tell how their narratives change depending on the mood of their foreign boss. When things are cool their noses are clean with everything they say or write about Ethiopia and when things are not cordial you will find them busy looking for any possible dirt on that gem of the colored. These are the most disgusting and faceless individuals/groups we have been dealing with. They are not the first ones. They have predecessors going back to the early 1970’s. Their fathers and uncles used to rally the gullible among us against the late emperor on Saturdays and Sundays and you would see them demonstrating in the streets of New York, Berlin, London and Paris with placards condemning the bombing of their ‘country’ by the Ethiopian army. They were Ethiopians through and through on Saturdays and Sundays but they were foreign country citizens on weekdays. Later on they became publishers and authors with one sided tell-all memoirs. So the leeching goes on!!!!!

    • You missed this part:
      “Borkena has learned from citizens’ reports on social media that most money transfer transactions and ATM withdrawals were observed among university students. Jimma University and Addis Ababa University have issued warning statements urging students to return if they have withdrawn or transferred money from the bank and avoid facing legal consequences.”
      .
      .
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      A “scapegoat” is someone whom someone, or multiple people, wrongly blame for something going wrong.

  2. BBC World News just reported that the amount of money pilfered was around $16 million in US dollars. That is peanuts. It is almost a billion dollars in the local currency. This must be taken as a wake up call to other similar institutions in that country. In this day of sophisticated hackers it may be impossible to avoid but proper actions can minimize the damage. Such hacked pilfering is the one that has kept demonic regimes like North Korea afloat. It is a matter of time before they come ashore and run coffers dry in Africa. It is also reported that many university students were involved in this criminal act by transferring the money they don’t have. They may be on their way to political asylums. Minnesota, Toronto, Oslo, Down Under; here I come!!!!

    • You nailed it GO TO HELL,

      PLEASE CHANGE YOUR NAME TO GO TO HEAVEN, much better there, no rent, free WIFI and etc

      I am following closely and the Bank didn’t even mentioned any figures yet. You know our people, most of them were born with guessing and they have been guessing wrong. They even mislead the colonizers mouth BBC which i hate so much…. wedeke selut tesebere kemel adult yeserereh…

  3. This shows how the social fabrics and community values have completely withered away after being besieged by commies’ propaganda since the 1970’s. Stealing has become normal because it belongs to the oppressors. The culture of ‘legal’ robberies and systemic pilfering have been going on in the open for decades now and it is not just confined to those in the position of power but it has crept up all the way to higher institutions of learning like this one among university students. I talk about the complete breakdown of community values our old country has been known for. How do you take something that does not belong to you? Where did you get the nerve/courage to take away or keep the money you don’t have or that does not belong to you? How? How? That is because in your twisted mind, stealing is perfectly alright. Now you have tens of thousands of dollars you never had or that does not belong to you, it is time to go on the move chasing political asylum all the way to Minnesota, Toronto, Oslo and Down Under with deep pockets awash with stolen money!!!!

  4. The bank has either zero and outdated cyber security related tools and human resources or there were serious internal security breach and comprise within. And probably
    the situation is in the later case . Time to clean up the mess from top to bottom. I remember an incident few years back during Woyane’s reigh when some crooked employees concocted a secessful scam and have stolen gold bars worth of millions of dollars from the same bank. But this thus time scam is more sophisticated and tricky.

  5. This ITTU person is a very confused individual or just playing stupid yet writing eloquently to hide the stupidity or deliberately shifting blame to someone or something other than the idiotic and catastrophic government, bank, system…that is in Ethiopia or should I say Oromia! Ethiopian is unfortunately the land of murderers, thieves, gangsters, liars, inhuman criminals, and people without a single iota of decency beginning from Ahmed’s son Abiy. You missed the bull’s eye by 6 billion peanut miles Mr.

  6. Minnesota, Toronto, Oslo and Down Under! Here I come with political asylum on my forehead and pockets deep with pilfered money from a bank managed by incompetent managers. Now it has become a wild goose chase but I am heading to one of these places. Then after a year of quiet life I will have my own convenient store. Then I will scream from the top of my lungs ‘Free Oromia’ or ‘Long live Fano!’ depending how moody I am on a given day! How about a channel on YouTube on a side where you will see me blabbering with ‘Oromummaa’ this and ‘Neftegna or Woyane’ that? This is how you do it, you nincompoop losers!!! Na, na, na, na, na, nah!!!

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