The Ethiopia Lottery Service ( ELS) is making comprehensive preparations to relaunch sports betting and digital lottery services, anchored by robust regulatory frameworks and modern digital technology. This decision follows an extensive, independent audit and reform campaign aimed at enforcing transparency, accountability, and stringent oversight across a sector that has faced severe structural and legal compliance challenges over the past several years.

A draft audit report—covering the period from when operators first received licenses in July 2023 until their suspension in December 2025—indicates that firms operating within the sector transacted 199 billion Birr.

Beza Girma, CEO of the ELS, confirmed the accuracy of the report, emphasizing that the investigation was conducted to generate evidence-based insights to guide ongoing structural reforms. She added that the institution, in collaboration with relevant government bodies, will take all necessary legal measures to recover funds.

Out of an expected 30 billion Birr in commission alone during this period, operators paid only 3.6 billion Birr, causing the government to lose 27.5 billion Birr in revenue. Of this uncollected total, 32 percent (8.64 billion Birr) was concentrated in the hands of a single operator, Dash Betting, while the remaining 19 billion Birr was associated with other companies, according to a Fana Media Corporation (FMC) report.

On December 4, 2025, the ELS suspended the licenses of 22 sports betting agencies based on intelligence reports implicating them in illicit financial flows tied to over 100 billion Birr in lost government revenue. A coordinated campaign involving the National Intelligence and Security Service (NISS), the Financial Security Service, the Federal Police, and city administration security bodies led to the detention of company owners, managers, and associates for investigation.

The suspended operators included Dash Bet, Betika, Walia Sport, and 19 others. On December 15, 2025, the ELS revoked all sports betting licenses nationwide, ordered the cessation of online and physical betting activities, and directed banks and payment providers to block transactions associated with betting operators.

The regulator cited widespread illegal practices, breaches of licensing agreements, and illicit financial flows posing national security risks. Warning that destroying or concealing evidence is a criminal offense under the criminal code, operators were instructed to preserve all server data, financial records, and user information.

The ongoing law enforcement campaign expanded in August 2026, targeting 38 betting enterprises. The Government Communication Service described the action as part of a broader campaign against entities accused of committing “economic sabotage” aimed at undermining the homegrown economic reform agenda.

Although sports betting licenses were suspended in December 2025, FMC investigations indicate that illegal betting activities have continued unabated. Black market capital circulation has surged significantly, with 20 billion Birr transacted in September 2026 alone—a fourfold increase compared to the 4.7 billion Birr recorded in 2023.

The ELS previously issued a public warning in July 2026 clarifying that no licensed sports betting operators are currently operating within Ethiopia. Citizens were urged not to deposit funds through websites, mobile applications, agents, or social media pages promoting betting services.

Wegagen Bank S.C. has reported a robust financial trajectory for the 2025/26 fiscal year, highlighting a pre-tax profit of 4.3 billion Birr and a 21 percent surge in total revenue to 16.4 billion Birr.
The figures were disclosed during the bank’s joint 33rd regular and 16th extraordinary general meetings of shareholders, convened at the Hilton Addis Ababa.

According to the annual report, Wegagen’s total assets climbed to 111.3 billion Birr, representing a 32 percent year-on-year increase from 84.3 billion Birr. Strong resource mobilization efforts similarly propelled total deposits up by 23 percent to reach 81.3 billion Birr, compared to 66.2 billion Birr in the preceding fiscal year.

Board Chairperson Abdishu Husein stated during the annual performance review that the bank also posted strong gains in external trade support, pulling in 366 million US dollars in foreign currency—a 34 percent expansion over the 2024/25 period. Credit expansion matched this pace, with total loans extended to various economic sectors rising by 26 percent to 67.3 billion Birr.
Wegagen’s paid-up capital escalated to 10.1 billion Birr by the close of June 2026, up from 7 billion Birr previously, pushing total capital reserves to 17.3 billion Birr across its 15,598 shareholders.

The institution continued to advance financial inclusion through its digital lending platform, “Efoita.” Designed primarily to support micro, small, and medium enterprises (MSMEs) with a strong emphasis on women entrepreneurs, the initiative disbursed over 9 billion Birr in credit to 430,890 beneficiaries during the review period.

Wegagen’s customer base surpassed the 5 million mark, anchored by a rapidly expanding digital footprint. Active users include over 4 million mobile banking clients, 664,347 mobile wallet users, 537,651 cardholders, and 41,494 corporate and retail internet banking subscribers.

Aklilu Wube, the CEO of Bank emphasized that future positioning relies on institutional capacity building that transcends conventional financial metrics. The bank has rolled out a comprehensive five-year strategic plan centered on customer-centric design, robust risk management, and environmental, social, and governance (ESG) integration to secure long-term competitiveness.

United Capital Group has officially announced its critical role as a Joint Issuing House and Official Broker for the historic Initial Public Offering (IPO) of the Dangote Petroleum Refinery and Petrochemicals. This landmark transaction brings one of sub-Saharan Africa’s largest industrial enterprises to the public market, creating an unprecedented opportunity for both domestic and international investors to secure direct ownership.

Operating under the guiding motto “One Group, Infinite Possibilities,” United Capital has mobilized the collective strength of its subsidiaries to support the immense scale of this project. The Group’s investment banking division is serving as a Joint Issuing House, providing transaction advisory and capital market expertise, while United Capital Securities acts as the official broker, facilitating broad investor participation and equity distribution.

According to a statement sent to Capital by the Group, this highly anticipated public offering has been aptly dubbed an “IPO for the People.” By enabling everyday retail investors alongside institutional players to secure stakes in a globally recognized refining facility, the offering demonstrates how robust African financial markets can effectively mobilize long-term domestic capital.

This major commercial milestone aligns seamlessly with United Capital Group’s broader pan-African expansion strategy. Earlier this year, the financial institution secured pivotal regulatory approvals to extend its footprint into East Africa. Notably, United Capital made history as the first foreign institution authorized to provide investment banking services in Ethiopia, a development previously reported by Capital.

An Ethiopian national wanted internationally under an Interpol Red Notice for a major financial fraud case has been successfully tracked, intercepted, and repatriated from Indonesia.

The 29-year-old suspect, identified by the initials SMY, was apprehended by immigration authorities at I Gusti Ngurah Rai International Airport in Bali, Indonesia, following arrival on a commercial flight.

Routine border security screening and system cross-checks flagged the individual, revealing an active Interpol Red Notice issued on April 9, 2026, at the request of law enforcement authorities in Ethiopia.

According to international police reports, the fugitive was sought in connection with a high-profile fraud investigation in Ethiopia involving estimated total losses of 46.4 million Ethiopian Birr (approximately $273,000 USD). Following detection, the Ngurah Rai Special Immigration Office—in close coordination with the National Central Bureau (NCB) Interpol Indonesia—immediately denied the traveler entry into the country.

Because the individual initially resisted returning to East Africa, NCB Interpol Indonesia arranged a secure, direct deportation process. Under strict police escort, the suspect was transferred out of Denpasar on an Etihad Airways flight routed through Abu Dhabi, ultimately arriving back in Addis Ababa.

Indonesian immigration officials emphasized that the successful operation highlights expanding cross-border cooperation between global law enforcement agencies and NCB Interpol.