 Governor Eyob Tekalign. Read more.){kind=link}
By Staff Writer
NAIROBI, Kenya – One third of the shareholders and Anbesa Bank’s leadership have asked for an urgent meeting with the National Bank of Ethiopia (NBE) Governor Eyob Tekalign. This comes after the central bank cancelled its earlier approval of the bank’s 21st General Assembly minutes related to the board of directors’ election.
According to the Capital newspaper, the NBE revoked a letter it had sent on June 8 to the Documents Authentication and Registration Service (DARS) confirming approval of the minutes of Anbesa Bank’s 21st General Assembly, held in October 2025.In its new decision, the NBE approved all resolutions from the general assembly except those related to the board of directors’ election. The NBE told DARS to authenticate all other resolutions, but not the board election.
Anbesa Bank’s board then asked the regulator to review the decision. However, NBE rejected the appeal in a letter dated July 1, keeping its original stance and telling the bank to hold another general assembly this month to do the board election again. The decision has caused a strong reaction from shareholders. Sources told capital investors representing about 35% of the bank’s paid-up capital signed a petition on July 4, asking for a meeting with the NBE governor to seek clarification on the regulator’s decision and the current state of bank governance.
The Sources tells the Capital newspaper the shareholders believe the central bank may have been misinformed about the disagreements within the bank’s board. “They thought the board was deeply divided. According to the sources “Differences of opinion among board members are normal in any organization and are part of healthy corporate governance, especially on issues that affect the bank’s profit.”
The sources also claimed the dispute goes beyond standard governance matters and involves broader political interests tied to Tigray. They pointed out that Anbesa Bank has a significant exposure to businesses and customers in the region, many of whom were badly affected by the conflict in northern Ethiopia that started in November 2020.
According to the sources, the bank currently has about 12 Billion Birr in non-performing loans (NPLs), with a large portion linked to borrowers in Tigray, including companies linked to EFFORT, a conglomerate historically connected to the TPLF.
The disagreement within the board is reportedly about whether the bank should give new loans and allocate foreign currency to companies that already have big debts.”Some board members are pushing for more financing and foreign currency for companies with large unpaid loans,” source tells the newspaper. “Most of the board has opposed these requests, saying it would break prudent banking rules and regulatory requirements.”
According to the capital, the current leadership believes its main job is to protect the bank’s financial health and follow NBE rules. “They have resisted pressure to give more money to heavily indebted borrowers,” the source tells the newspaper. “As a result, another group is trying to replace the current board with directors who would support those interests.”
In addition to the shareholders’ petition, Board Chairman Alem Asfaw has also asked for a meeting with Governor Eyob Tekalign to explain the board’s position and get more details on the regulator’s decision.
Despite rejecting the board election, the NBE approved the general assembly’s resolution about increasing the bank’s capital after checking it carefully. The approval allowed Anbesa Bank to raise its paid-up capital to more than six billion Birr, which is over the five-billion-birr minimum required for all commercial banks by June 30, 2026.
The dispute has now become one of the most closely watched governance issues in Ethiopia’s banking sector, with shareholders waiting for the regulator’s response to their request for direct engagement.”
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Recently, there was a story posted on this and other websites about Ethiopia has started importing beef from Uganda. This news now turned out to be false. I just read a story on a website based in the old country with a top official in the agriculture ministry denying the alleged meat import from Uganda. Here is the link:
ethionegari.com/2026/07/10/ethiopia-denies-reports-of-ugandan-processed-beef-imports/
But I am not and will never stand against trade between regional and continental countries.
Now the irony is a report just came out with news of at least 16 Ugandan citizens that died of starvation . Here is the link for that one too:
bbc.com/news/articles/cvgljevwy82o
Fake news have been real and present danger we have been living with since the advent of social media outlets and now you add the real boogeyman AI in the mix it has turned into becoming even more dangerous explosive endangering humanity.