National Bank of Ethiopia Approves New Dashen Bank Board

National Bank of Ethiopia Approves New Dashen BoardNeway Beyene, a general manager of Afcor Plc, IBM’s Business Partner in Ethiopia, replaced Teka Asfaw, personal attorney of Ethio Saudi Tycoon, Mohammed Hussein Ali Al-‘Amoudi as a board chairperson of Dashen Bank.

His chairmanship became effective as of March 9, 2018, following the National Bank of Ethiopia’s (NBE) approval of the board of directors of Dashen who were elected during the Bank’s latest general assembly held on November 30, 2017.

Neway Beyene, married and a father of four, obtained his BSc degree from the Addis Abeba University (AAU) in Electrical engineering in 1984 and completed his MSc in Business Leadership from the University of South Africa (UNISA) in 2013. He has started his career in 1984 as a trainee field engineer at NCR Ethiopia, office manager for Microsoft Ethiopia for three years, General Manager for Unisys Computer and General Manager for Afcor IBM since 2000.

Among the nine board of directors, four of them were re-elected including Neway Beyene while five of them are new faces. Engidawork Fekadu, Getachew Hagos and Shisema Shewaneka are the board of directors who will continue for three more years.

Getaw Yalew, Saeed Ahmed, Abebe Teklu, Negussie Demie and Shimelise Eshete are the new faces who joined the board of directors of Dashen, which was established in 1996 and has netted 756 million Br last financial year.

The outgoing Chairman Teka, served the bank in the chairmanship position for three years replacing Teklu Haile in 2015 after serving the bank, which its paid-up capital reached 1.93 billion Br last fiscal year, for a total of nine years. Teka has a BA Degree in Law from Addis Abeba University (AAU) and has worked as legal advisor for different government institutions including the then Ministries of Youth & Sport and Information & Culture.

He has served as a public prosecutor at the Federal High Court, first vice president at the Ethiopian Football Federation (EFF) for four years. Since 2007 Teka has been working as a legal advisor for the Sheraton Addis Hotel, as well as for Al-Amoudi, who is currently in custody in Saudi Arabia.

The completion of the recently inaugurated Headquarters building, that has 24-storey and constructed for a little over a billion Birr sprawling on 3,495sqm of land, is one of the success stories Teka claims that he has achieved during his tenure.

“Awash Bank has taken the leap of leading the industry from us in terms of profit,” Asfaw told Fortune, “and I wish I could have seen Dashen retake the position during my tenure.”

Teka was a member of the board of directors for six years before he became chairperson. With the chairmanship, included, he has served the Bank for a total of nine years on the board as the NBE’s directive limits a three year term of operation and anyone who was re-elected for an additional three years cannot continue as a board of director before a lapse of six consecutive years.

“Our major role in the next term is to raise the bank’s service to the apex of excellence,” Neway told Fortune.

Teka advises the new board of directors to give power to the management of the Bank to take necessary actions.

“The management needs to feel free in taking actions because of the fierce competition among the commercial banks,” remarks Asfaw.

Neway Beyene, the new board chairperson of Dashen Bank. [Addis Fortune]

Inside Ethiopia