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BusinessNigerian billionaire Aliko Dangote says his group has bought a 25% stake in Kenya Pipeline Company (KPC), expanding his energy business in East Africa. Dangote, founder and chief executive of Dangote Industries Ltd., announced the purchase at an event in London on Wednesday, Bloomberg reports. He did not name which of his companies made the
Banking & FinanceNeway Megersa, the founding president who steered Siinqee Bank through its transformation from a regional microfinance institution into one of Ethiopia’s fastest-growing commercial lenders, has been appointed Chief Executive Officer of the Oromia Sovereign Fund. The bank has named Getachew Deressa as its Acting Chief Executive Officer. From microfinance to commercial banking Neway’s departure closes
Banking & FinanceEthiopia’s Interbank Money Market (IMM) has surpassed ETB 4 trillion in cumulative transaction volume, a new milestone that shows how quickly commercial banks are shifting to market-driven liquidity management less than two years after the platform opened. The market began operating in October 2024. The National Bank of Ethiopia (NBE) runs it, and trades are
BusinessEthiopia’s annual headline inflation rate eased to 14.9% in September 2026 from 15.1% in August, although it remained above the 13.2% recorded in September last year, according to data released by the Ethiopian Statistical Service (ESS). The latest figure represents a 1.7 percentage-point increase year on year, indicating that inflationary pressures remain elevated despite a
The National Bank of Ethiopia (NBE) sold USD 140 million to commercial banks on Tuesday at Foreign Exchange Auction No. 30. It was the first sale under the central bank’s enlarged second-quarter programme, and bank demand came in above the amount on offer, after two straight auctions that fell short. Banks bid a total of
BusinessKEFI Gold and Copper has resumed development activities at its flagship Tulu Kapi Gold Project in Ethiopia following a temporary suspension triggered by a fatal incident in September 2026. The company said development was halted after the incident, which it called the “Genji Incident,” began on September 4 and was resolved on September 10 following
BusinessThe International Coffee Organization (ICO) has launched the Coffee Market Intelligence Platform, an interactive data tool that brings global coffee prices, trade flows, production and consumption statistics together in one place. Free dashboards are open to the public. The platform was unveiled during the 142nd Session of the International Coffee Council in Geneva, Switzerland. It
Banking & FinanceEthiopia’s largest private bank adds roughly 32 billion Birr in deposits in the three months since closing its books, as it prepares a regional push and faces a market still dominated by the state-owned CBE Awash Bank’s total deposits have surpassed half a trillion Birr, a first for an Ethiopian private bank, cementing its position
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BusinessEthiopian Airlines has signed an agreement to purchase 10 Boeing freighter aircraft, with an option to acquire eight additional planes, as the airline continues to expand its cargo operations. The agreement, signed in Addis Ababa on September 30, includes eight Boeing 777-8F freighters and two Boeing 777F aircraft, Ethiopian Airlines CEO Mesfin Tasew said at
BusinessEthiopia’s Council of Ministers has approved a package of decisions covering tax reform, digital governance, energy financing and the federal executive structure, according to the decisions from its 59th regular meeting. The most immediate economic measures involve Federal Income Tax and VAT regulations. The Council approved amendments to improve tax administration and transparency, while changes
BusinessEthiopia’s state investment arm has signed a memorandum of understanding with Nigeria’s Dangote Industries Limited and Djibouti’s Great Horn Investment Holding S.A. to develop petroleum storage and pipeline infrastructure linking the two countries, with the foundation stone laid on Thursday in Djibouti. Prime Minister Abiy Ahmed, Djiboutian President Ismail Omar Guelleh and Dangote Group President
BusinessEthiopia is negotiating with three Italian banks for €400 million in financing to complete the 1,800-megawatt Koysha Hydroelectric Power Project, one of the country’s largest ongoing infrastructure projects. The government is also seeking to raise an additional €100 million domestically to support the project, according to Ashebir Balcha, chief executive officer of Ethiopian Electric Power.
