NBE Rejects Global Bank Acting-President Nominee Amid Liquidity Investigation
The National Bank of Ethiopia has directed Global Bank to nominate another acting president while regulators investigate alleged irregular deposit and liquidity practices at the lender.
In short
- The National Bank of Ethiopia has directed Global Bank to nominate another acting president while regulators investigate alleged irregular deposit and liquidity practices at the lender.
The National Bank of Ethiopia has rejected Global Bank SC’s nominee for acting president and directed its board to put forward another candidate, according to a regulatory letter reported by The Reporter Ethiopia on August 22, 2026.
Global Bank’s board nominated Sahlemichael Mekonen after former president Tesfaye Boru was suspended during an investigation into alleged irregular deposit withdrawals and liquidity practices. The report said the NBE concluded that Sahlemichael did not meet requirements under banking rules, including stipulated experience for a bank president.
The bank’s website nevertheless listed Sahlemichael as acting president as of August 21, according to The Reporter. It described him as having more than 21 years of banking experience and a graduate degree in accounting and finance.
The NBE decision concerns eligibility for the leadership post. It is separate from the continuing investigation into alleged financial irregularities, and no final finding against the suspended executives was reported in the source material.
Global Bank reported gross profit of 1.17 billion birr for the 2024/25 financial year, with profit after tax of 756 million birr, according to the report.
