Monday, October 12, 2026
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Poor performance led CBE to massive reshuffling

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Massive senior management reshuffle and structural change has been done at the financial giant Commercial Bank of Ethiopia (CBE) following its poor performance in the last financial year.
Under the new structural change that happened this week the stated owned financial institution in the country folds chief officer positions. According to sources, the bank was extremely horizontally flattened that have nine chief officers and under them 24 vice presidents.
According to sources, based on the new reshuffle the chief officer position is fully suspended and the number of vice presidents is reduced to 18 from the previous 24.
Risk, human resource, finance, business development, business operation, and information system are some of the chief officer positions that were extended during the former president Bacha Gina era, who was replaced by Abie Sano in March this year. Bacha Gina served the bank for about one and half year.
Sources said that besides position reforms some of the former top managements were replaced by others. “Those who maintain their senior position are very few,” sources said.
Besides the changes at the head office, the bank has also made some structural changes at district and regional branch structures.
Based on the new structure a district included in a region will manage 50 branches.
“The new change at the top management structure would be good to manage the bank than previous trends,” a source who criticized the past experience told Capital.
In his recent internal memo Abie, who is being lauded as responsible for the success of the bank’s transformation about a decade ago before he went to Oromia International Bank (OIB), expressed his frustration about the performance of the bank in the 2019/20 finance year that ended on June 30.
In his memo issued on Tuesday August 4, he hinted that changes would be taking place at the bank. “Those who are accountable for this disgraceful performance will be held responsible, while we have to work hard to return the bank to its successful track,” Abie said to the staff of CBE.
He said that meanwhile the revenue of the bank for the year has shown a minor increment the administration expense consumed all its profit. “Even though the bank’s revenue expanded by 4.4 billion birr, expenses consumed it by three fold,” he wrote in his memo.
In the year the bank performance has dropped by over 10.3 percent compared with the preceding year performance. In the 2018/19 financial year the bank secured more than 15.6 billion birr profit with 90 percent achievement compared with the target. However in the 2019/20 financial year the bank’s profit has contracted to 14 billion birr that has over 10 percent reduction compared with the preceding year and 36 percent lower than the targeted performance in the year. In the 2019/20 financial year CBE targeted to secure close to 21.8 billion birr.
In the year CBE also targeted to amass 100 billion birr from fresh deposit, while the achievement is 54 percent. A year ago the bank mobilized 89 billion birr that has a 35 billion birr difference from its latest performance.
Regarding revenue for the year the bank achieved 107 percent of the target and collected close to 68.8 billion birr, while the expense that significantly hiked from the target has consumed most of the revenue.
For the year the state giant expected to expend 42.5 billion birr, while the actual expenditure stood at 54.8 billion birr with additional 29 percent hike.
Sources at the bank said that the major reason for expansionary expense is the salary increment that was done in the year. The bank has increased staff salary almost by double, which surpassed the bank’s expense. “Besides salary expense inflationary situation at operations like building rent has some contribution,” a source said.

Attorney General suspends criminal cases of prominent business people, companies

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The list includes Shoa Bakery, NICON Plc, Ermias Tekle Amelga, ZTE HK Limited, Tsegu Berhane Trading Plc, Zenit Gebs Eshet Ethiopia, Addis Ababa Abattoir, Ethiopian Tourist Trading Enterprise and Royal Foam

Federal Attorney General announced that it suspended to pursue the criminal cases of prominent business people and companies that it allegedly said committed financial crimes. The attorney general dropped charges related to contraband, tax evasion, fraudulent documents and for not issuing receipts for over 420 entities and over 1,100 individuals.
Those whose charges are dropped after charged with tax evasion and giving fraudulent documents to tax authorities are 69 companies and 45 individuals. These companies include Family Trading Plc, Bags Family Construction, TGM Polytech PP Factory, Shoa Bakery, Tsehaye Zemuy Teklu, Cosmo Trading, Hayleyesus Mengistu, Inter Aman Plc, NICON Plc, Wondwossen Mengistu, TGMD Trading Plc, Ermias Tekle Amelga, Mohammed Seid Mohammed Nur, GO Synthetic Industrial Works, ZTE HK Limited and Ramada Trading Plc.
Of those 21 individuals were charged with crimes related with contraband goods but their cases were dropped. Tsegaye Haile Dendir, Simenesh Eshetu Birru, Tsegaye Hailemariam Ashebir, Kidan Kahsay Gebreyohannes, Asfaw Seyoum Urgessa, rahel Endale Anbori, Amarech Yaynishet, and Biruk Girma were some of the defendants which their charges are dropped.
According to a statement from the Attorney General, over 325 companies and more than 700 individuals’ case was suspended after the attorney dropped their charges for not issuing a receipt. These include Tsegu Berhane Trading Plc, Royal House Finishing Plc, Conark Trading, MNA Trading, Panumun Supplies PLC, Zenit Gebs Eshet Ethiopia, Lemat Hotel and Trading, Super Double T General Trading, Ada Food Complex, Asfaw and Family Bar and Restaurant, and Anbessa Sporty Betting.
Moreover, OK Agro Industry, Ethio-German Pharmaceuticals, TTN General Trading, Habesha Sport World, Lion Trading Plc, Rozita Bakery, Enrich Agro Industry Plc, Blue Bell Computer, Addis Ababa Abattoir, Ethiopian Tourist Trading Enterprise, Royal Foam, BlueBird Trading and Joy Leather are also included in the list the attorney genral pardoned.
The attorney General also suspended 21 cases of individuals and companies that were appealed by prosecutors after being ruled by a lower court. These include Habitat New Flower Homes, Kepa Textile, SZSA Construction Machineries Rental and Gonga Construction.
The attorney general also announced that it will continue to suspend more cases in the future.

CHAOTIC PHASE OF DEMISE

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The demise of the modern world system continues to accelerate, as it enters the final chaotic phase. There are plenty of signs to support our conclusion. For instance, in the realm of the global economy, the usual policy of ‘kicking the can down the slope’ now requires measures that are completely outrageous. For every dollar of debt that is injected into the economy of the OECD (rich countries), only around 0.40 cents worth of GDP created. In other words, capital is being destroyed. The situation elsewhere in the world system is not a whole lot different, if proper accounting is employed. In this final phase of collapse, the sheeple (human mass) has still remained a bystander without much of a say, but that is going to change in ways that will most likely shock the world!
Since the managers of the global system are fully aware of the underlying protracted problematic, they have been hard at work trying to come up with policies they hope will postpone the day of reckoning. To this end, the plan to implement digital currency across the board seems to be in full throttle. Digital currency takes away the sovereignty of the individual, by making him/her fully dependent on centralized organizations, like banks, governments, etc. Digital money can be frozen arbitrarily in any jurisdiction. If an individual is forced to depend on regimented centralized bureaucracy, even to buy the basic necessities of life, if is clear what the impact of a full- blown digital currency regime will do to collective social existence. In today’s money system, a currency, even if its origin is complete fiat, gives the immediate holder of the currency some semblance of anonymity. As we know, tracing an individual fully operating in the cash economy has always been difficult for state bureaucrats. Therefore, any move towards the complete control of currencies/money, be it that of an individual or an entity is something state apparatchiks have always salivated for! See the articles of Greyerz on page 29.
Thanks to John Snowden, we now know that everything we do in late modernity, literally, is under surveillance and potentially traceable! Smart phones, laptops, TV sets, cards (debit/credit) etc., are some of the means the state and the corporations can (and do) easily employ to control various activities of an individual anywhere on earth. The ‘Deep State’ (DS) would have remained ineffective had it not been for such modern day electronic gizmos. Recall our definition of the DS; it is the military-intelligence-industrial-banking-media-complex. The DS is currently working on a project to implant traceable signals (solid chips, etc.) in each and every individual roaming the planet! Various pretexts are being entertained to convince the sheeple to this Frankenstein’s project. The vaccine approach is only one that is bent on leveraging the good old ‘fear and terror’. Currently, the psyche of the world’s population is being systemically softened by the DS propagandists, with the objective of subjugating the unthinking sheeple’s into complete submission. With such massively coordinated global indoctrination/brainwashing campaigns, it won’t be long before the gullible sheeple ‘willingly’ submits to many of the desires of the parasitic global elites sitting at the apex of the social pyramid, which was built with the blood and sweat of the masses!
Even the sciences are now relegated to the world of fiction and voodoo. The ongoing declared pandemic or what critical analysts are increasingly saying ‘plandemic’, is one of the many strategies employed by the DS to prepare the masses to endorse whatever is going to be declared. The latest gimmick involves the misrepresentation of the natural sciences to fit the DS’s base objectives. We can emphatically call the ongoing and suffocating pseudo scientific narrative; ‘Fake Science’! It is being pushed by numerous states, mostly at the prodding of the DS. In the current game of the plandemic, genuine science is presented as ‘conspiracy theory’; nothing new here, after all, it is the CIA itself that coined the very phrase ‘conspiracy theory’ decades back to systemically discourage critical narratives from coming to the fore. The media wing of the DS, which includes the new hi-tech social formats like Facebook, Google, Yahoo, etc., are now busy muzzling real science from exposing the truth about Covid-19 and other planned pandemics.
As if the above are not enough, the hegemon itself is facing all sorts of disturbances, both from within and from without. Internal chaos arising from identity politics as well as class disparity or inequality for short; is on its way of becoming psychologically entrenched, even if it can be weeded out from the streets. The USA is displaying symptomatic behavior of an empire in the process of quickened disintegration. Frantic, polarized and incapable of reaching mutually beneficial agreements with other countries, etc., the reigning hegemon looks like a clueless giant in its dying days. The two parties that dominate political governance in the US, almost exclusively at the service of the corporations and their human operators, are becoming increasingly detached from reality! The obvious lack of integrity, capacity, sincerity, sophistication and finesse, to say nothing about the continuing dishonest appreciation of the major problems of the world, are some of the disturbing scenarios of the current US led empire. Put together, the above doesn’t inspire confidence, to say the least. Given the lack of leadership within the ruling hegemon/empire able to address the major issues of our times, the world is visibly drifting towards unchartered waters!
Despite the dethroning of his grand theory, (Stephen J. Gould, Ilya Prigogine, et al.) the old scientist’s reverberations in the domain of human societies still remain relevant, particularly to those blinded by power and arrogance. ‘It is not the strongest of the species that survives, nor the most intelligent, but the ones most adaptable to change’, Charles Darwin. Here is a more recent commentary supporting our thesis. “Our collective interest in the rise and fall of empires is not academic. The meteoric rise of China and the financialization rotting out global capitalism are just two developments that suggest we are entering an era where some great powers will collapse, others will remake themselves and others will gain ascendancy.” Charles Hugh Smith. Good Day!

Agency to accelerate vital events registrations for refugees

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Immigration Nationality and Vital Event Agency (INVEA) issued a directive to accelerate the vital events registrations for refugees. Ethiopia also plans to completely finish the civil registration and vital statistics (CRVS) in the coming decade.
Mujib Jemal, INVEA Director General, said that the agency issued a directive to ease the registration of vital events for refugees that got green light in the proclamation that was amended in 2017.
“The directive allowed the refugees birth registration with the appearance of mother or father,” he said.
Previously both parents were supposed to appear for the registration, while the directive ease that and allow only one of the parents to appear for registration, according to Mujib.
“In the past it was a barrier for refugee’s birth registration because both parents may not be available or were separated for different reasons,” he said.
Registering of refugees is a good solution to integrate the refugee with the society, according to experts in the sector.

Photo: Anteneh Aklilu

The process will help those that the country hosts to be part of the economic activity in the country and even allow them with some crucial rights in the economy like to have bank account and get driving license.
Mujib said that CRVS is universal and due to that refugees have a right to get all vital registrations.
Even though the country approved the CRVS proclamation, Registration of Vital Events and National Identity Card Proclamation No 760/2012, the country did not fully apply it until 2016 until Ethiopian Vital Events Registration Agency was established.
The country has also a modern ID system as of 2017, while it is not fully applied. Recently Ministry of Peace and International Institute for Information Technology of India signed a deal to introduce modern digital national identification card, which is a pilot program that will run for eight months.
Ethiopia is one of the lowest in birth registration in Africa, with only 3 percent of the births of children under the age of five registered with civil authorities, according to the 2016 Ethiopia demographic and health survey, which was implemented by the Ethiopian Central Statistical Agency.
INVEA Director General told Capital that his agency targeted to achieve the Sustainable Development Goal (SDG) CRVS target within ten years.
The United Nations SDG target indicated that countries should achieve the death registration by 80 percent and fully cover the birth registration. “We target to comply within the UN timeframe, meanwhile the AU 2063 plan has more relaxed period,” he added.
The agency stated that it is strongly working on awareness creation about CRVS, which is crucial for social and economic development planning and use as an input for different surveys.