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Wegagen Capital Investment Bank generated 6.85 million birr in brokerage-fee income after facilitating securities transactions worth 2.69 billion birr during the fiscal year ended June 30, 2026.

The investment bank, which is 75 percent owned by Wegagen Bank, reported the performance during its second Ordinary and Extraordinary General Meetings of Shareholders. It was Wegagen Capital’s first full fiscal year of operation following licensing by the Ethiopian Capital Market Authority.

Abdishu Hussein, Vice Chairman of the Board of Directors, said the company generated total revenue of 140.99 million birr during the year and recorded a gross operating profit before tax of 46.58 million birr.

Net profit after tax stood at 43.7 million birr, exceeding the company’s 41.5 million birr target by 12.2 percent, according to the report.

Financial-advisory services accounted for the largest share of revenue, generating 89.89 million birr, or 63.8 percent of total income. Interest income contributed an additional 43.98 million birr.

Of the 2.69 billion birr in securities transactions facilitated by Wegagen Capital, 2.22 billion birr came from rights issues. The remaining volume was generated through Treasury-bill transactions, initial public offerings and follow-on public offerings.

The company said it had expanded its investor base to 3,850 brokerage accounts, reflecting increased public participation in Ethiopia’s emerging capital market.

Wegagen Capital also secured 22 corporate-finance advisory engagements across several economic sectors. The advisory contracts had an aggregate value of 175.3 million birr.

Abdishu attributed the performance to what he described as a resilient business model, disciplined strategy and focus on high-value execution.

Vision, Mission, and Core Values: Walk the Talk

Opinion

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August 23, 2026

Vision, Mission, and Core Values: Walk the Talk

“Leadership is not a singular experience. It doesn’t begin and end with the writing of a mission statement. It is, rather, the ongoing process of keeping your vision and values before you and aligning your life to be congruent with those most important things.”— Stephen R. Covey

In the bustling corridors of Addis Ababa’s business district, and in the quiet, ambitious corners of startups sprouting from Mekele to Hawassa, there is a recurring mantra. Executives, founders, and public servants alike speak of “Vision,” “Mission,” and “Core Values.” They are framed, often in elegant calligraphy, and hung in lobbies. But as the ink dries, a question lingers: Do these words truly breathe, or are they merely corporate wallpaper?

As Ethiopia navigates an era of prosperity and economic liberalization, the relevance of these foundational pillars has never been more profound. This is not just a conversation about management theory; it is a conversation about the character of our nation’s future.

To understand the power of organizational DNA, we must peel back the layers of these often-misunderstood terms.

1. The Vision: The Horizon We Chase

A vision is not a business plan. It is a dream rendered in high definition. It is the answer to the question, “If we succeed beyond our wildest expectations, what does the world look like?” For an Ethiopian enterprise, this means envisioning not just market share, but a contribution to the national narrative—perhaps a more food-secure Ethiopia, a tech-literate youth, or an economy that competes on the global stage.

2. The Mission: The Daily Grind with Purpose

If the vision is the destination, the mission is the vehicle. It is the “why” we exist every morning. It is the fundamental function that defines our identity. A mission statement that fails to mention the people served, the problems solved, or the specific value added to the Ethiopian economy is a wasted opportunity.

3. Core Values: The Moral Compass

Values are not what we say; they are what we do when nobody is looking. In a market where shortcuts are often tempting, values provide the friction that prevents us from sliding into unethical practices. Integrity, resilience, community—these are not soft skills. In the context of business, they are the hardest, most resilient assets a company can possess.

From Paper to Practice: A Case Study

Consider the local SMEs that have survived the economic volatility of these days. If you speak to the owners, you rarely hear them quote their mission statement from a brochure. Instead, you hear them talk about how they treated their first ten customers. You hear them speak about how they stood by their workers during the hard times of the social and economic turmoil.

This is the true application of core values. It is seen in the hiring practices, in the way a conflict is resolved in the company, and in the way a business pivots when the market shifts. It is “culture by design,” not “culture by default.”

The Road-map to Institutional Integrity

For the modern Ethiopian enterprise, building a vision is a journey of introspection.

Start with the ‘Why’: Why does your existence matter to the community?
Involve the Team: A vision imposed from the top is a vision forgotten by the bottom.
Iterate and Evolve: Our nation is changing. Our companies must change with it.

Conclusion: The Future We Shape Together

As we look toward the future, the success of Ethiopia’s companies will not be measured solely by GDP contributions. It will be measured by the strength of our companies and the clarity of our collective purpose. When we build organizations based on genuine, human-centered vision and mission, we aren’t just building businesses. We are building the backbone of a nation. Let us stop treating these words as check boxes for bureaucratic compliance. Let us instead treat them as the living, breathing promises we make to ourselves, our customers, and our country.

The writer has taught Business, Accounting, Management, and Economics since 1998 G.C. in higher education and international schools. He has served in academic leadership and research roles and published scholarly articles on higher education, management, quality assurance, and leadership.

He can be reached at: bedlusamson@yahoo.com bsamsonworku@gmail.com

Interest-Free Banking forum spotlights Takaful growth

Capital News

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August 23, 2026

Interest-Free Banking forum spotlights Takaful growth

Ethiopia’s growing interest-free banking and Takaful industries took centre stage on Aug. 17 as regulators, financial-sector executives, Shariah experts, fintech professionals and investors gathered in Addis Ababa for the 6th International Interest-Free Banking and Takaful Forum.

The forum, organised by AlHuda Centre of Islamic Banking and Economics (AlHuda CIBE) at the Hyatt Regency Addis Ababa, was held under the theme, “Connecting Global Expertise with Africa’s Emerging Islamic Finance Markets.”

Participants from 20 countries attended the event, reflecting growing international interest in Ethiopia and Africa’s emerging markets for interest-free banking, Shariah-compliant insurance and other Islamic-finance products. The meeting brought together policymakers, central bankers, insurance executives, academics, consultants, investors and professionals from across the financial-services industry.

The forum came as Ethiopia continues to expand interest-free financial services, which are designed to provide banking and insurance products that comply with Shariah principles. These include profit-and-loss-sharing arrangements, asset-backed finance and Takaful, an insurance model based on mutual support and shared risk.

Muhammad Zubair, Chief Executive Officer of AlHuda CIBE, said Ethiopia had made encouraging progress in developing its interest-free banking and finance industry, but would need to address human-resource and professional-capacity gaps to sustain that expansion.

He said the growing involvement of financial institutions, improving regulatory conditions, rising customer awareness and increased demand for interest-free services had created a stronger foundation for the sector.

“The future growth of interest-free banking and finance in Ethiopia will depend not only on expanding institutions and products, but also on developing a strong pool of qualified professionals,” Zubair said.

He noted that AlHuda CIBE’s online professional-development programme had attracted around 800 registered participants, which he said demonstrated increasing demand for specialist knowledge in interest-free finance.

Zubair said the organisation had maintained a long-standing role in Ethiopia’s interest-free finance sector through professional training, institutional capacity building, technical assistance and international exposure programmes for Ethiopian professionals.

He also said AlHuda CIBE had supported the launch of the country’s first three Takaful window operations, helping insurers develop Shariah-compliant products aimed at customers seeking alternatives to conventional insurance.

Takaful is based on contributions by participants into a collective fund that is used to support members who suffer insured losses. Unlike conventional insurance, which is generally structured around risk transfer from a customer to an insurer, Takaful is intended to operate through risk-sharing and mutual assistance.

Solomon Desta, Vice Governor for Financial Stability at the National Bank of Ethiopia, said the central bank remained committed to strengthening the country’s interest-free finance ecosystem.

“The National Bank of Ethiopia appreciates the role of AlHuda CIBE since it entered the Ethiopian market,” Solomon said. “Their contributions have been instrumental in building the foundation for our interest-free finance sector.”

He said the central bank was continuing work on regulatory frameworks for interest-free banking and Takaful, while recognising their role in expanding financial inclusion alongside tools such as micro-Takaful.

Micro-Takaful refers to low-cost, Shariah-compliant insurance products intended for low-income households, small businesses and individuals who may otherwise lack financial protection against health emergencies, crop losses, accidents and other risks.

Solomon said the NBE’s institutional transformation agenda included several tools related to interest-free banking and Takaful. He added that the development of Ethiopia’s capital market and the Ethiopian Securities Exchange could create further opportunities for financial inclusion and product innovation.

“The future is focused on more inclusion,” he said, adding that platforms such as the forum could encourage further sector development.

The event also featured regional participation. Abdirahman Omar Ibrahim, Director of Public Debt Management at the Central Bank of Somaliland, said the forum offered Somaliland an opportunity to exchange experience and learn from international participants.

“Somaliland is doing its best in interest-free banking and Takaful,” he said. “This forum provides a valuable opportunity to share our experience and learn from the global expertise gathered here.”

Yared Mola, President of the Association of Ethiopian Insurers, said Takaful was becoming increasingly relevant within Ethiopia’s evolving insurance market.

“Since the introduction of Takaful by AlHuda CIBE in Ethiopia, we have witnessed increasing growth in the sector,” Yared said. He added that capacity building, regulatory reform and public awareness were essential to sustaining that growth.

He said the industry would need stronger cooperation between insurers, regulators and other stakeholders, as well as more product innovation and consumer education.

The forum featured technical discussions on interest-free banking in Africa, including regulatory frameworks, community banking, financing for micro, small and medium-sized enterprises, retail finance, Shariah governance and institutional sustainability.

A separate panel on Takaful, re-Takaful and TakaTech explored the development of Shariah-compliant insurance, technology-driven Takaful business models and the role of insurance in expanding financial protection.

Re-Takaful is the Islamic-finance equivalent of reinsurance, through which Takaful operators manage part of their risk exposure by sharing it with another specialised provider.

The forum also resulted in institutional cooperation agreements between AlHuda CIBE and Digaf Microfinance Institution, as well as Capital Financial Excellence Center S.C. The agreements are expected to support professional training and wider industry development.

Fifa official sacked after Infantino plan criticism

Sports

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August 23, 2026

Fifa official sacked after Infantino plan criticism

Fifa’s chief operating officer Kevin Lamour has been sacked by the governing body, less than three weeks after he strongly criticised its president Gianni Infantino’s aborted plan to sell stakes in competitions to private investors, BBC Sport has been told.

In a statement, a Fifa spokesperson would only confirm that: “The working relationship between Fifa and Kevin Lamour as Chief Operating Officer has ended on 17 August 2026.

“Fifa thanks Kevin for his two years of service and wishes him the best of luck for the future.”

Fifa’s staff were informed of the news in an email by its secretary general Mattias Grafstrom on Monday evening, who told them the organisation and Lamour had “agreed to part ways”.

Last month, Lamour described the controversial Fifa Forward Enterprise (FFE) plans as “the project of one person”, and said “the time has now come for football political leaders to ask themselves the right questions and make the right decisions”.

He added Fifa’s own administration was “deceived” about the now abandoned project.

“Our mission – the mission of the hundreds of passionate, dedicated, and exemplary Fifa employees – is to serve football,” he said.

“A president must bring people together, unite them, and inspire them. Today, we are experiencing the opposite.”

Lamour acknowledged he had a duty of loyalty to his employer but also to “certain values” and supporting his colleagues.

“If that means I lose my job, then so be it,” he added. “I will understand and respect that decision. At least I’ll sleep well tonight.”

Lamour joined Fifa in November 2024, having previously served as deputy general secretary at Uefa, and was two layers of management below Infantino.

Earlier this month, Infantino received the backing of senior executives in a meeting in Morocco, but BBC Sport was told Lamour was not invited.

Lamour has been approached for comment.

In a letter sent to members of Fifa’s Council, and seen by BBC Sport, Grafstrom wrote: “I would like to provide you with an important update regarding a change within the Fifa Administration.

“Following recent discussions, Fifa and our Chief Operating Officer Kevin Lamour have agreed to part ways.

“This decision was made after careful consideration and with great respect for Kevin, both personally and professionally… I felt it was important that I personally provide you this update and I would like to express my gratitude to Kevin for these contributions and for his work and commitment on behalf of Fifa on a daily basis. I wish Kevin all the best for the future.”

Lamour sent a farewell note to Fifa staff following his departure in which he reminded them: “Please never forget that in life, it’s not about doing what’s easy; it’s about doing what’s right.

“The vast majority of you have understood this and put it into practice in your work. Every single day. So, hats off to you and my deepest respect.

“Fifa is going through a difficult period, but don’t worry. Everything will be OK in the end. If it’s not OK it’s not the end.”

How did we get to this point?

Infantino is under increasing pressure following his proposal to create a new company – FFE – to manage the commercial and ticketing rights of all Fifa competitions, including World Cups.

FFE was aborted after Infantino’s plan to sell 21% of the company to private investment companies received widespread criticism.

Uefa, Concacaf – who govern football in North and Central America and the Caribbean – and the Asian Football Confederation publicly opposed the plan, while Uefa threatened to boycott the World Cup if the plan went ahead.

Lamour criticised Infantino, while a senior adviser to Infantino, Carlos Cordeiro, resigned.

After the proposal was aborted, Uefa and Concacaf withdrew their support for Infantino when he stands for a fourth presidential term at the Fifa Congress in March next year.

Several Concacaf members including Mexico broke ranks with their confederation to offer their support for Infantino, while the confederations of Africa, South America and Oceania have backed Infantino.

On Monday the Scottish FA became the latest body to withdraw its support for Infantino, following England, Wales, Northern Ireland and the Republic of Ireland.

Football governance charity FairSquare said it had written to Fifa demanding Infantino not be allowed to stand for re-election.