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.

The United States has allowed the national emergency framework underpinning Ethiopia-related sanctions—enacted at the height of the northern Tigray conflict five years ago—to officially expire.

According to an announcement issued by the Department of the Treasury’s Office of Foreign Assets Control (OFAC), Executive Order 14046, originally signed on September 17, 2021, reached its terminal date. Consequently, a series of Eritrean entities and individuals have been removed from the Specially Designated Nationals and Blocked Persons (SDN) list.

The initial executive order, signed by President Joe Biden, targeted individuals and entities deemed responsible for or complicit in prolonging the humanitarian and human rights crisis in northern Ethiopia. Citing persistent instability and ongoing human rights concerns in Washington, the emergency declaration had previously been extended for an additional year in September 2025, setting the final expiration for September 17, 2026.

As a result of the mandate lapsing, OFAC removed several high-profile institutions and individuals from its restrictive registry. Notable entities delisted include the People’s Front for Democracy and Justice (PFDJ)—Eritrea’s ruling party established in 1993—the Eritrean Defense Forces, the Red Sea Trading Corporation, and Hidri Trust. Additionally, three Eritrean nationals—Hagos Gebrehiwot Woldekidan, Abraha Kassa Nemariam, and an alternate listing—were removed under various spellings.

Analysts emphasize that the delisting reflects the legal expiration of Executive Order 14046 rather than a sweeping, fundamental shift in U.S. bilateral policy toward Asmara. The removal strictly applies to designations tied to this specific program.

Entities designated under separate sanctions authorities or those caught by the 50 Percent Rule remain fully blocked. However, observers note the development could signal a subtle recalibration in diplomatic posture regarding the strategic Red Sea shipping corridor.

The sunset of the emergency order coincides with broader administrative adjustments in Washington’s Horn of Africa policy. In May 2026, the State Department concluded a restrictive policy that had blocked defense article sales to Ethiopian security forces since 2021, transitioning instead to a case-by-case licensing review. Official proposals to formally remove Ethiopia from the International Traffic in Arms Regulations (ITAR) restricted destinations list were advanced in September 2026, while the Department of Homeland Security terminated Temporary Protected Status (TPS) designations for Ethiopia effective August 18, 2026.

In a separate regulatory update, OFAC issued Russia-related General License 131J. The updated license extends authorization for transactions involving Lukoil International GmbH through October 22, 2026, enabling the company to negotiate sales and execute closing contracts. Treasury officials clarified that the license does not authorize final sales transactions, which will require distinct, subsequent OFAC approval.