By VOE News | July 10, 2026. A group of shareholders representing approximately one-third of Anbesa Bank’s ownership, together with the bank’s leadership, has requested an urgent meeting with National Bank of Ethiopia (NBE) Governor Eyob Tekalign following the central bank’s decision to revoke its earlier approval of the bank’s board election.
The dispute began after the NBE withdrew a June 8 letter that had authorized the authentication of the minutes from Anbesa Bank’s 21st General Assembly, held in October 2025. In a revised decision issued on June 19, the regulator approved all resolutions adopted during the meeting except those concerning the election of the bank’s board of directors.
The NBE instructed the Documents Authentication and Registration Service (DARS) to authenticate the remaining resolutions while excluding the board election from official registration.
Appeal Rejected
Following the decision, Anbesa Bank’s board formally appealed to the central bank, requesting a review of the ruling. However, in a letter dated July 1, the NBE rejected the appeal and maintained its position.
The regulator further directed the bank to convene another General Assembly during July 2026 to conduct a fresh election for its board of directors.
Shareholders Demand Clarification
The ruling has triggered concern among shareholders. According to sources familiar with the matter, investors representing roughly 35 percent of the bank’s paid-up capital signed a petition on July 4 requesting a direct meeting with Governor Eyob Tekalign.
The shareholders are seeking clarification regarding the regulator’s decision and the governance issues surrounding the bank.
According to the sources, many shareholders believe the NBE may have received an inaccurate picture of disagreements within the board.
“Different opinions among board members are a normal part of corporate governance,” one source said, arguing that disagreements over business strategy should not automatically be interpreted as evidence of institutional dysfunction.
Disagreement Linked to Major Loan Exposure
Sources claim that the dispute goes beyond routine governance issues and is tied to the bank’s significant financial exposure in Ethiopia’s Tigray region.
Anbesa Bank reportedly has approximately 12 billion birr in non-performing loans (NPLs), with a substantial share linked to borrowers in Tigray, including companies reportedly affiliated with EFFORT, the business conglomerate historically associated with the TPLF.
According to the sources, divisions emerged within the board over whether additional loans and foreign currency allocations should be provided to companies that already carry significant outstanding debts.
Some board members reportedly supported extending further financing, while the majority opposed the move, arguing that doing so would conflict with prudent banking practices and existing regulatory standards.
“The current leadership believes its responsibility is to protect the bank’s financial stability and comply with NBE regulations,” one source said.
Board Chairman Also Requests Meeting
In addition to the shareholders’ petition, Board Chairman Alem Asfaw has formally requested a meeting with Governor Eyob Tekalign to present the board’s position and seek clarification regarding the central bank’s decision.
Despite rejecting the board election, the NBE upheld the General Assembly’s decision approving the bank’s capital increase. Following regulatory verification, Anbesa Bank successfully increased its paid-up capital to more than 6 billion birr, exceeding the 5 billion birr minimum capital requirement that Ethiopian commercial banks were required to meet by June 30, 2026.
Growing Attention Across the Banking Sector
The dispute has become one of the most closely watched corporate governance cases in Ethiopia’s banking industry, raising questions about regulatory oversight, board independence, shareholder rights, and the management of distressed loans.
The National Bank of Ethiopia has not publicly explained in detail why it invalidated only the board election while approving all other resolutions of the General Assembly.
Shareholders and bank officials are now awaiting a response from Governor Eyob Tekalign regarding their request for a direct meeting as the bank prepares to hold another General Assembly to elect a new board.
