The Ethiopian Capital Market Authority (ECMA) has publicly confirmed that business mogul Ermias Amelga and Genesis Investment Services PLC are under official investigation for allegedly raising funds through unauthorized securities offerings. The regulatory body made the announcement in a detailed public notice issued on Wednesday.
The authority said that ECMAis mandated to ensure the orderly, fair, and transparent operation of Ethiopia’s emerging capital market. In the notice, the Authority reaffirmed its commitment to protecting investors and enforcing compliance with capital market regulations.
“Among those under investigation are Mr. Ermias Amelga and a company named Genesis Investment Services PLC,” the statement reads, “these investigations are being conducted in line with the principle of ‘the right to be heard’ as per the FDRE Constitution.”
It further emphasized that no securities may be publicly offered or advertised without prior approval under the Public Offering and Trading Directive No. 1030/2024. Entities must also complete formal commercial registration before applying for a capital market service provider license.
To strengthen enforcement, ECMA said it has established a dedicated law enforcement task force in cooperation with the Ministry of Trade and Regional Integration, Financial Intelligence Services, Ministry of Justice, and the Federal Police Commission. A memorandum of understanding was signed on 29 February 2024, formalizing this collaboration.
“We urge the public to verify with ECMA whether individuals and organizations claiming to be licensed… are indeed licensed by the Authority before engaging with them and making payments.”
The Authority is also calling on the public to report any individuals or companies offering unlicensed capital market services.
Ermias Amelga has had several run ins with law enforcement in the past, and was facing charges of corruptions in case by fielded by state prosecutors in January 2019. Prosecutors accused Ermias, founder of the troubled Access Real Estate S.C, of selling Imperial Hotel, which he and other shareholders once owned, at a price of 75 million birr, which the police said was an “inflated price,” charges that were terminated a year later.
(AS)
Afreximbank launches $1bn fund to bolster African film industry
The African Export-Import Bank (Afreximbank) has unveiled a one billion US dollars fund aimed at accelerating the growth of Africa’s film and television industry, in a move to capitalise on the continent’s expanding creative economy.
The Africa Film Fund, to be managed by the bank’s investment subsidiary, the Fund for Export-Development in Africa (FEDA), will provide financing across the audiovisual value chain including production, post-production, distribution, and infrastructure.
The initiative was announced on Wednesday at the Africa CEO Forum in Kigali, Rwanda, and forms part of Afreximbank’s broader Creative Africa Nexus (CANEX) programme, which supports cultural and creative sectors such as film, fashion, music and digital arts.
“Film is a cornerstone of the CANEX programme,” said Professor Benedict Oramah, president of Afreximbank and chair of FEDA. “This fund comes at a critical time, helping to unlock the sector’s growth potential by addressing longstanding challenges around funding, scale and market access.”
Africa’s film and audiovisual industries generate roughly five billion US dollars in annual revenue and employ some 5 million people, according to UNESCO. Yet the sector remains constrained by chronic underinvestment, fragmented infrastructure, and limited global reach.
Viola Davis, co-founder of JVL Media LLC and one of the few performers to have won an Emmy, Grammy, Oscar and Tony, welcomed the initiative. “African stories are deeply human and universally powerful,” she said. “This fund invites the world to view Africa through the lens of its own creators bold, unfiltered, and rich in truth.”
FEDA chief executive Marlene Ngoyi said the fund aims to crowd in private capital and support commercially viable content. “This is not merely about financing films it is about building an ecosystem that empowers Africa’s creative talent, fosters cultural exchange and drives economic transformation,” she said.
The fund was initially announced in 2024 during the CANEX Weekend in Algiers. It marks the latest in a series of moves by Afreximbank to stimulate intra-African trade and broaden the continent’s export base beyond traditional commodities.
(BirrMetrics)
Policy gaps in Ethiopia’s textile-garment sector; wage reforms needed
Industry experts, labour advocates and business leaders in Ethiopia have cautioned that unless critical policy shortcomings and the demand for introducing a national minimum wage in the domestic textile and garment industry are addressed, the sector’s growth and global competitiveness could be at risk.
At a recent roundtable organised by the Forum for Social Studies (FSS), stakeholders pointed to the government’s delayed response in tackling the acute shortage of skilled labour in the sector.
The number of skilled workers entering the industry has dropped drastically in recent years, according to Tolera Aderie, former executive member of the Ethiopian Textile and Apparel National Association. The drop is attributed to the sector’s eroding professional prestige and a tendency among employers to hire less-skilled, lower-paid workers.
The government’s continued delay in setting minimum wage limits is a major concern and is harming both workers and the sector as a whole, Tesfaye Abdisa, president of the Ethiopian Textile Federation, was cited as saying by a domestic media outlet.
The International Labour Organization (ILO) reports that the average monthly wage in Ethiopia’s textile and garment sector is just 3,000 birr (about $52), among the lowest globally. Nearly half of workers in foreign-owned garment factories have left their jobs due to inadequate pay, signaling widespread frustration and instability.
Factory managers in key production hubs such as Hawassa, Bole Lemi and Kombolcha have echoed these concerns, stating that the lack of legal wage floors makes it tough to manage their workforce and retain skilled employees.
The challenges are further compounded by high labour turnover and absenteeism.
Despite the government’s efforts to attract investment and create jobs through the establishment of 13 specialised industrial parks, policy gaps around wages and workforce development continue to cast a shadow over the sector’s future.
Outdated vocational education and training curricula, a lack of industry-relevant skills and insufficient investment in training centres have left the sector struggling to meet the demands of modern, technology-driven manufacturing.
(Fiber2fashion)
Safricom’s Ethiopia customer base jumps to 8.8 million
Kenyan telecommunication company-Safaricom has registered a strong growth in its customer base in Ethiopia, which hit 8.8 million as of March this year.
This is a 103.2 per cent year-on-year growth compared to the same period last year, with the high numbers coming less than three years since entering the market in October 2022.
Safaricom was the first private telecom operator to break the state-owned monopoly of Ethio Telecom.
This followed a license granted in 2021 to the Global Partnership for Ethiopia consortium, which includes Safaricom.
Safaricom Ethiopia has since focused on expanding its network and launching services, including mobile money services (M-PESA), whose registered customers grew by more than 68 per cent to 2.4 million.
The Mpesa value in the country during the period under review hit Sh20.6 billion, with about 164.6 million in transaction volumes.
“We had great results during a year marked by significant currency reforms,” Safaricom CEO Peter Ndegwa said.
The telco had, as of March, invested in 3,141 sites and created 898 direct jobs, of which 95 per cent were Ethiopian staff, with expats accounting for a paltry five per cent.
About 20 per cent of the group’s revenues are now coming from the Ethiopian market, with management projecting a strong performance in the market going forward, to be driven by continued currency reforms and easing inflation in the country.
(The Star)
Ethiopia plans to introduce new national car plates to fight fraud and boost security
The Ministry of Transport says the move will help tackle counterfeiting, reduce crime, and stop the misuse of public resources.The plan was announced during a nine-month performance review held by the ministry.
Officials say the existing system has several problems, including gaps in how license plates are produced, distributed, and monitored.It has also been criticised for enabling corruption and making it easier for criminals to avoid detection.
The current plate system reflects Ethiopia’s regional divisions, with each state having its own design.This often reveals a driver’s ethnic identity, something critics say has created security concerns on the road.
The Ministry says the upcoming system will use the letters “ETH” alongside Geez script, one of Ethiopia’s ancient writing systems.It will also follow international standards and include security features to prevent tampering and allow for easier inspection.
“The new system is designed to reduce the waste of government resources,” officials said, adding that raw materials used for license plates are costly to import.
The change is expected to help the government better manage these materials.
Different types of vehicles will receive different plates. For example, electric cars will have a separate design from those running on fuel, and the plates will also reflect a vehicle’s ownership and purpose.
It’s not yet clear when the new system will come into effect. But the government says the shift is part of a broader effort to modernise the transport sector.
Earlier this year, Ethiopia banned the import of fuel-powered cars in favour of electric vehicles
(msn)
