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Shareholders of Berhan Bank expressed their dissatisfaction with the low dividend yield for the recently concluded financial year. At the bank’s 14th regular general meeting of shareholders held on December 1, attended by over 16,000 shareholders, it was reported that the bank achieved a 15.6 percent earnings per share (EPS), equivalent to 156.2 birr per share. However, regulatory authorities at the central bank downgraded the EPS to 6.03 percent due to non-performing loans (NPLs) and other deductions.

The bank’s board of directors faced heavy criticism for proposing dividends of less than 7 percent for the 2022/23 financial year. Shareholders voiced their discontent, stating that the current situation was unacceptable. Some shareholders expressed their frustration, noting that they have been experiencing declining returns for consecutive years, and the decrease from 7 to 6 percent only added insult to injury.

One shareholder complained about the lack of change year after year in the bank’s performance, suggesting the presence of corruption tendencies. They believed that they were receiving significantly less compared to shareholders of other banks.

Another concern raised by shareholders was the construction of a 5,400 square meter head office building in Addis Ababa, known as Senga Tera, as well as the planned construction of another building in Wolaita Sodo town. Shareholders argued that the prolonged construction phase of these projects was tying up capital and affecting the bank’s financial position.

The bank’s report for the 2022/23 financial year highlighted the negative impact of economic and political instability both domestically and globally on its performance. Gumachew Kussie, the Chairman of the Board of Directors, acknowledged that earnings had declined due to “unprecedented” factors. He further stated that despite the lack of stability, the bank achieved a profit of 605.2 million birr before tax, representing a 3.7 percent increase compared to the previous year.

Girum Tsegaye, the bank’s president, reported that the deposit stock reached 33.8 billion birr, while the loan stock peaked at 28.9 billion birr for the 2022/23 period.

October Cyber Security awareness Month

Opinion

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November 29, 2023

Cybersecurity Awareness Month, held every October, is a collaboration between the government and private industry to empower everyone to secure their personal data against digital forms of crime.
As our reliance on technology grows, it is more critical than ever to strengthen and adapt our cybersecurity behaviors. This year commemorates the 20th year of Cybersecurity Awareness Month globally and the 4th in Ethiopia. As a result, in order to raise awareness about cyber security, our newspaper published an interview with Huawei Ethiopia CEO Liu Jifan (Michael Liu). Continue to follow us.
Capital: Thank you for being here today. As the just completed October marks Cybersecurity Awareness Month, could you please introduce yourself and share your thoughts on the significance of this initiative?
Liu Jifan: It’s a pleasure to be here. I’m Liu Jifan (Michael Liu), the CEO of Huawei technologies Ethiopia. Cybersecurity Awareness Month is a pivotal time for individuals and organizations to reflect on the importance of digital security. It’s an opportunity to reinforce our commitment to safeguarding sensitive information and staying vigilant against evolving cyber threats. It provides a platform to highlight the critical role of cybersecurity in the digital era. For Huawei, ensuring the security and integrity of our products, solutions and services is a top priority as we strive to bring digital to every person, home and organization for a fully connected, intelligent world.*
Capital: Huawei is a prominent player in the global technology landscape. How does the company contribute to promoting cybersecurity awareness and best practices, not only in Ethiopia but worldwide?
Liu Jifan: Huawei is deeply committed to cybersecurity. We invest heavily in research and development to create innovative solutions that prioritize security from the ground up. We ensure compliance with the applicable laws, regulations, standards of relevant countries and regions, and reference to the industry best practice. In Ethiopia, we collaborate with local stakeholders to ensure our technologies align with the cybersecurity priorities and also we actively participate in the ecosystem building via various initiatives like ICT academy.
Capital: Ethiopia is experiencing significant growth in its digital infrastructure. What advice would you give to Ethiopian businesses and individuals on navigating this digital evolution while prioritizing cybersecurity?
Liu Jifan: It’s heartening to witness Ethiopia’s digital transformation and to be part of it. To navigate this journey successfully, businesses and individuals should prioritize cybersecurity from the outset, not as an add-on. This includes regular security assessments, investing in robust security solutions, and educating employees on best practices and enhancing the cybersecurity awareness of the end users. Such measure will ensure a secure digital transformation.
Capital: Looking ahead, what do you believe will be the most significant trends in cybersecurity, and how should businesses, especially in emerging tech markets, prepare for them?
Liu Jifan: Artificial intelligence, 5G, and the Internet of Things (IoT) are reshaping the digital landscape. These technologies offer incredible opportunities but also bring new challenges for cybersecurity. Businesses should focus on holistic security strategies that encompass not only technology but also processes and people. Security should integrate into every aspect of operations in order to adapt to the evolving threat landscape. Collaborative approaches with industry experts to enhance threat detection and response capabilities will be essential.
Capital: Thank you for your insights. For aspiring entrepreneurs and tech enthusiasts in Ethiopia, what advice would you offer as they embark on their own digital journeys?
Liu Jifan: I would encourage them to be fearless in their pursuit of innovation. However, they should never compromise on security. Start by building a solid foundation of cybersecurity knowledge, engage with local and global cybersecurity communities, and seek out mentorship from experienced professionals. Remember, cybersecurity is not just a technical concern; it’s a fundamental aspect of responsible digital entrepreneurship. Embrace a culture of continuous learning and surround yourself with a community of like-minded individuals who share your commitment to a secure and thriving digital future.
Capital: Is there a final message you’d like to leave our readers with, especially in the spirit of Cybersecurity Awareness Month?
Liu Jifan: Absolutely. I urge everyone to make cybersecurity a shared responsibility. By staying informed, adopting best practices, and collaborating with trusted partners, we can collectively build a safer, more secure digital environment for all. Together, we can embrace the potential of technology while safeguarding what matters. By collectively raising awareness and prioritizing security, we can build a safer, more resilient digital world for all. Finally, I want to say, at Huawei we guarantee that our commitment to cyber security will never be outweighed by the consideration of commercial interests.

South African photographer wins top prize in The Nature Conservancy’s Africa Photo Contest

Arts and Culture

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November 26, 2023

The Nature Conservancy has awarded Helen Walne as the winner of the 2023 Africa Photo Contest, that featured images that help connect us to the power and the peril of the natural world – with closeups of creatures great and small, painterly landscapes in all seasons and amazing scenes of exploration on land and sea.

This year’s contest saw a huge increase in submissions, from territorial fight between weavers in Bloemfontein South Africa to a Lioness hunting in Nairobi National Park in Kenya. A prestigious panel of judges that included Roshni Lodhia, Sarah Waiswa and Christopher Leon selected the winners from more than over 5,000 entries.

Helen Walne, from South Africa won with her standout piece that was taken when she was diving in the cold water, off Cape Town, South Africa. In what was termed as an “Uber situation”, Helen’s award – winning photograph showcased the remarkable sight of a fish hitching a ride inside a jelly.

Explaining the inspiration behind the image, Helen said, “On this day, I had flopped around in the scraggly kelp for too long, and my hands were beginning to turn into claws from the cold. Heading to shore, I was excited to see this night-light jelly drifting in the

shallows. On closer inspection, I saw it had a cheeky hitchhiker. At first I thought the fish – likely a man-of-war fish (Nomeus gronovii) – was either being eaten by the jelly or had died and become ensnared by its tentacles. However, it soon became apparent that the fish was wriggling. In fact, it seemed rather relaxed and was languidly nibbling on bits of the jelly – a ride and lunch rolled into one!

Describing Helen’s winning photo, which the jurors selected unanimously, Roshni Lodhia said, “This image WOW-ed all of us at once. It is complex and beautiful at the same moment. The image demands a careful look at the subtle details of the colours and textures.”

Helen Walne will be awarded a three-night stay for two at Elewana Loisaba Tented Camp in Loisaba Conservancy.

Nu Chika Enabuka Children’s Center: Nurturing Minds, Celebrating Culture

Arts and Culture

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November 26, 2023

The Excitement Continues

Mark your calendars for the much-anticipated 6th Nu Chika Enabuka One Color Festival, taking place on December 2, 2023, at the iconic Meskel Square. This family day extravaganza promises an array of children’s games and natural entertainment, where participants of all ages can immerse themselves in the joy of play and discovery. From traditional crafts with mothers to experiencing the essence of Ethiopian culture, this festival promises to be an unforgettable experience.

Since its establishment in 2019, the Nu Chika Enabuka Children’s Center has been dedicated to imparting indigenous knowledge to young minds in a structured and engaging manner, while bringing families together in the process. Through innovative media initiatives and captivating events, this organization has become a beacon of creativity, art, and education for children across Ethiopia.

At the heart of the center’s media endeavors lies the enchanting children’s television program, Hamrawi. Launched in collaboration with Ethiopian Children’s Television and YouTube, this program ignites young imaginations by exploring themes of creativity, art, and recycling. It serves as a platform for children to embrace their artistic talents while learning about environmental responsibility.

The Nu Chika Enabuka Children’s Center has not only enchanted young hearts through their media initiatives but has also brought joy to thousands through their grand events. From the vibrant celebrations held at Bole Fana Park in Addis Ababa to the majestic “Nu Chika Enabuka Special Family Day” at the great palace unity park, these gatherings have united over 7,000 and 5,000 participants, respectively.

The organization’s recent events at Meskel Square on October 16, 2021, and November 5, 2022, were nothing short of extraordinary. Drawing in an awe-inspiring total of over 22,000 children and parents, these events garnered attention from both national and international media, shining a spotlight on the organization’s remarkable efforts.