New Vice Governor Takes Up Post from Retirement

Tiruneh Mitafa, former vice president of the Development Bank of Ethiopia (DBE) has been appointed as a new vice governor at the National Bank of Ethiopia (NBE), after he went out onto retirement this year. This came following the transfer of the former vice governor, Getahun Nana, to the presidency of the DBE, two weeks ago.

A father of four, in his early 60s, Tiruneh has been active in the financial sector for decades. He spent the last eight years at DBE as a VP for branch operations, before being called out of retirement and appointed by the Prime Minister to the vice governorship vacated by Getahun on December 9. He joined the DBE in 2009 and worked until his retirement in September, 2016.

He has a Master’s Degree in Human Resource Management.

“The appointment from the PM Office was unexpected,” Tiruneh told Fortune.

In the same week, Getahun appointed Hayleyesus Bekele, former president of the Construction & Business Bank (CBB), and Kifle Hayleyesus as his advisors, in the positions of vice president and director, as of December 13, 2016.

The appointment of the two advisors came two weeks after Getahun’s presidency was announced. He was directly appointed by Prime Minister Hailemariam Desalegn to replace Esayas Bahre.

Hayleyesus will be the sixth vice president of the Bank. Following the merging of CBB with the Commercial Bank of Ethiopia, he took up a post at CBE as a vice president. He later resigned, in September 2016. Hayleyesus declined to comment on his new appointment.

Following controversies over loans that were disbursed to commercial farm investors, the Bank and investments in commercial farms came under scrutiny. Allegations were raised about the failure of many commercial banks to bring about tangible results, in spite of hefty loans. Earlier this year, DBE suspended the approval of loans for commercial farm investments, while the federal government has also stopped allocating land. It was amidst this turmoil that Esayas’s term ended.

“I will work to strengthen the financial sector and create a healthy business environment,” said Tiruneh

Getahun’s departure from the National Bank was marked by a farewell ceremony at Hilton Addis Hotel, held by the Ethiopian Bankers Association. The former financial watchdog was presented with a gold ring, a certificate and an undisclosed amount of money from the Bankers’ association.

Former colleagues, including the governor and vice governor of the National Bank, and more than a dozen bank presidents and banking industry veterans were among those present for the event.

“With no exaggeration, this is one of the happiest days of my life,” said Getahun, addressing the gathering. “We have been working with you in this sector sometimes as a guardian,”

“I am sure Getahun will repeat the success he had at NBE,” said Teklewold Atinafu, governor of the Central Bank.


Published on Dec 20,2016 [ Vol 17 ,No 868]



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