Bank of Abyssinia S.C (BoA) sent-off its vice president for corporate services, Aklilu Wubet, six months after it let its president, Addisu Haba, go.
Aklilu had served the Bank for the past three years as vice president (VP) for corporate services, overseeing five departments, including information technology (IT), e- banking, credit services, marketing and planning as well as engineering.
The VP submitted his resignation to the Bank’s board of directors – which has nine members and is chaired by the newly elected chairman Meseret Taye – four weeks ago and the board accepted his request during its second meeting after the National Bank of Ethiopia (NBE) approved the board members. The board accepted his request two weeks ago.
Aklilu has a BA Degree in Economics and a Master’s in Business Administration (MBA) from Addis Abeba University (AAU). He has been working in the financial sector for 23 years, including at BoA, and as vice president of Nile Insurance Company S.C. He has also been teaching Economics and Accounting at AAU, Royal University College and Unity University.
“I am out of the city and cannot comment on the issue right now,’’ Aklilu stated in a phone interview with Fortune. But, according to sources, he left his post following his disappointment caused by the management of the Bank, which lasted for the past eight months.
The Bank has three vice presidents, namely operations, corporate services and resources, all of which are overseen by the president, Mulugeta, who was former operations vice president of the Bank, replacing Addisu Haba, who recently moved to Debub Global Bank after working at BoA for five years.
“We are searching for qualified candidates for the position and we will assign someone soon,’’ Mulugeta told to Fortune.
The Bank had registered a net profit of 271 million Br during the 2013/14 fiscal year. BoA was established in February 1996 with a subscribed capital of 50 million Br and a paid-up capital of 25 million Br by 131 shareholders. It currently has reached 1,600 shareholders with a paid-up capital of 924 million Br.
The Bank has 400,000 account holders, with total deposit of 9.4 billion Br from its 103 branches across the country, operating with 3,000 employees. As of June 30, 2014, the Bank has disbursed loans and advances amounting to 5.1 billion Br.
For the first time in the history of the country’s banking industry, four private banks parted with their presidents in the last six months, namely Berhan International Bank, Lion International Bank, Debub Global Bank and BoA. All of which, except Debub Global, assigned vice presidents for the posts after getting approval from the central bank.
Recently, the state-owned policy financier, Development Bank of Ethiopia (DBE), sent-off two of its vice presidents, effective January 1, 2015, following their resignation request and replaced them with new VPs.
Aklilu’s employment contract was officially terminated with the Bank, effective last Monday, February 23, 2015.
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