The Addis Ababa Cultural and Tourism Bureau plans to file charges against Muller Commercial Real Estate for demolishing the historical Ras Abebe Aregay House located at Adwa road near Aware. Muller is planning to build a G+19 apartment complex in that location.
The Bureau told Capital that the home was listed as one of the 440 historical houses in the city’s master plan. It sits on 1,800sqm and was constructed 70 years ago, and was used as a residence for Ras Abebe Aregay and his family.
Initially the famous athlete Kenenissa Bekele bought the house from Ras Abebe family. Then he later sold it to Access Real Estate. Then Access Real Estate sold it to Muller for 14 million birr.
Before the demolition Italians rented the house from Muller and used it as a restaurant.
Abebe Abera, a legal expert at the Bureau said Muller Real Estate was warned not to demolish the house.
“We received comments from people in the middle of the demolition and we wrote a letter telling Muller to cease and desist but they completely destroyed the place. As a cultural bureau we are responsible for protecting heritages and we have sent documents to Yeka Police to sue Muller,” he said.
Mulegeta Tesfakiros, founder of Muller Real Estate said the company passed through legal procedures before they demolished the house.
No procedure was overlooked before we began the demolition. We got approval for the construction and demolition of the house from the concerned bodies. We also received approval from the city which said the old house was not on the list of historical heritage sites.
“However, after we demolished the house the Wereda officials told us that the house actually was on the list of historical heritages when we began building the new apartment, so we received mixed messages” Mulugeta told Capital.
Under the current heritage proclamation in Ethiopia if somebody illegally demolishes a heritage site they may face up to 10 years imprisonment plus a fine.
Apart from the demolished house there are two old Ras Abebe Aregay homes found in Addis Ababa located in Arada Sub City.
Ras Abebe Aregay was a major leader of the resistance in Shewa against the Italians during the fascist occupation, and leader of the largest anti-occupation force in Ethiopia. Abebe Aregay was the grandchild of Menelik II’s loyal General Ras Gobena Dachi. As Balambaras Abebe Aregay, he had been commander of Addis Ababa’s metropolitan police before the 1936 occupation of the capital. After the Emperor’s departure and the Italian occupation, the then Balambaras Abebe Aregay was proclaimed a son of Lij Iyasu at Amba Aradam as “Emperor Meleke Tsehai” in 1938, and was given the title of Ras. However the young claimant died of an illness soon after, and Abebe Aregai returned to supporting the restoration of Emperor Haile Selassie. Emperor Haile Selassie again granted him the title of Ras legitimately, and he was among the guerilla leaders that escorted the Emperor back into Addis Ababa on Liberation Day, May 5, 1941. Ras Abebe served as governor general of Shewa, governor general of Tigrai, Minister of Defense, Minister of the Interior, Crown Councilor and Senator at various times. He was killed during the Imperial Guard coup attempt of 1960 and was buried at Debre Libanos Monastery.

The Association of Ethiopian Insurers has asked the National Bank of Ethiopia (NBE), for permission to stop supervising the insurance industry and that a new body be formed to follow up with the insurance sector, according to sources.
The issue was also raised during the second East African Financial Summit held at ECA a week ago. During that discussion insurance experts claimed the sector was not being given adequate attention because NBE, which regulates the financial industry, focuses on banks.
An expert, who once led a private insurance company, told Capital that the central bank does not fully understand the insurance industry. “This has affected the growth of the insurance sector, which contributes an insignificant percentage to Ethiopia’s GDP,” he said.
“Regulating the insurance industry without the central bank is required for insurance businesses to grow,” an expert explained.
Experts said that during the Imperial Era insurance was regulated by the Ministry of Trade.
The proposed regulatory body would be a commission or other supervisory entity that can more fully understand and respond to the demand of the insurance industry.
According to experts, in other parts of the world the insurance industry is not regulated by central banks, instead separate entities are responsible for managing the sector.
The insurance penetration in Ethiopia is very small and its share of the GDP is about 0.5 percent. Meseret Bezabih, CEO of United Insurance Company and President of the Insurers Association, told Capital that the association submitted its proposal to the central bank about a month ago to discuss the fate of the insurance industry.
“We just put the agenda up for discussion and we are now waiting for a meeting,” she added.
Since the market reopened after the downfall of the Derg regime the private insurance sector has been regulated under proclamation 86/1994 and NBE is responsible for overseeing it.
Currently there are one state owned and 16 private insurance companies in the country. They have 492 branches and 53.5 percent are located in the capital.
The total capital of the 17 insurance companies is over 3.6 billion birr, private insurance companies have 76 percent of this amount. In the 2016/17 financial year the insurance industry’s written premiums stood at 7.4 billion birr and general insurance grabbed almost 95 percent of that total.
NBE is responsible for supervising the financial sector as a whole including insurance, banks and micro finances. “If the new proposal is accepted it would be overlooked by a separate body responsible to the Ministry of Finance and Economic Cooperation,” an expert said.

President and CEO of CFA Institute, Paul Smith, visited Addis Ababa and met with potential and former students during an orientation session held at the Intercontinental Hotel. CFA currently provides courses on investment management.

Hotel De Leopol, which was under renovation for the last six months, may be taken over by an international brand. They are adding more rooms, a swimming pool and a meeting hall that accommodates up to 1,000 people.
It was opened ten years ago with 54 rooms and lies on 7,000sqm. Soon it will have another building which is eight stories high and have 68 more rooms.
When the hotel renovation is completed it will create jobs for 300 people. It will have three bars, two restaurants and a pastry shop.
Presidential suite rooms, an underground health center and new services are part of the renovation.
All rooms have suite bathrooms, mini-bar fridges, satellite TV, work stations and tea/coffee making facilities.
The hotel located on Jomo Kenyatta Road commonly known as Bambis Supermarket is currently negotiating with European brand hotels to manage the hotel.
“The hotel is not only closed for renovation but also to come up with new energy that fits the international standard and gives more satisfaction to our customers,’’ a source said.
“The new property will become one of the upscale international brands to operate in the capital. This gives us a tremendous opportunity to give good service in Ethiopia. Addis Ababa by itself is a key commercial and tourism hub for the country, with a real and growing requirement for upscale hotels,” the source added.
Hotel De Leopol was founded by Damenaw Siman and his family a decade ago who are also planning to invest in manufacturing and agriculture.
The hotel’s goal is to reach at least a four star level.
Currently there are 140 star rated hotels in Addis Ababa including Sheraton, Hilton, Golden Tulip, Radisson Blu, and Marriot Executive Apartment.