Ahadu Bank’s board of directors accepted the resignation of its President, Sefialem Liben, on December 14, 2024, reportedly following an extended period since he first put in his notice.
Sefialem served at Ahadu’s helm for a year and a half. Sisay Gebru, Sefialem’s former deputy, has assumed the role of acting president. However, Sisay’s appointment is still subject to the approval of regulators at the National Bank of Ethiopia (NBE).
The central bank’s directive on the licensing and supervision of the banking industry dictates that the appointment of a chief executive officer of a bank on an acting basis must be approved by the NBE. It also caps the term limit for an acting president at six months.
Ahadu Bank, among the financial sector’s latest entrants, launched operations in June 2022. Under Sefialem’s leadership, the Bank announced its first-ever profits two years after it opened its doors. In 2023/24, Ahadu registered 175 million birr in profit before taxes and other deductibles.
Its latest annual report reveals the Bank’s income has surged to 1.15 billion birr, reflecting sustained growth in banking activities and diversified revenue streams that have contributed extensively to its solid performance.
The Bank managed to raise its paid-up capital to 1.03 billion birr by the end of the last fiscal year, far short of the minimum five billion birr threshold the NBE requires all banks to meet before June 2026.
