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The newly appointed Dawit is a familiar face in the
insurance industry, with 24 years of experience
under his belt, 15 years of which have been in a
managerial position. He has a first degree in
Accounting from Addis Abeba University (AAU), and is
a chartered insurer with the ACII, a British
insurance institute. In addition, he has a Diploma
in Law, and is currently attending classes at the
Association of Chartered Certified Accountants (ACCA)
to become a chartered accountant.
Before his appointment as the General Manager two
weeks ago, he was Administration and Finance Head
and Deputy General Manager of Nile. He joined the
company in April this year. Dawit spent almost his
entire professional life at the Ethiopian Insurance
Corporation (EIC). In the years spent at the
state-owned insurance company, he served as Deputy
Managing Director for six years, and Reinsurance
Department Manager for five years. Before his
departure from the EIC in April, he had been one of
the top-level managers since 2001.
His predecessor at Nile, Almaz, has served the
company for over two years. The major reason for her
dismissal is her alleged failure to end the
seven-year old business dispute between Nile and
Tana Transport Plc, Star Business Group and others,
sources disclosed.
Nile had given a financial guarantee bond for a sum
of 15 million Br when Tana Transport bought 100
IVECO trucks (380 E 37M model) from the Automotive
Manufacturing Company of Ethiopia (AMCE). In
addition, Nile Insurance issued other bonds for the
Commercial Bank of Ethiopia (CBE) and Abyssinia
Bank. Combined, these bonds allegedly placed the
insurance corporation into debt of up to a total of
52 million Br. Of this amount, 35 million Br and 17
million Br is owed to Star Business Group and
Temesgen Mehari, a returnee businessman from the
United States, respectively. Star Business and
Temesgen also have four million Br and six million
Br shares, respectively at Nile Insurance.
Established 13 years ago, Nile has a capital of 40
million Br.
Attempts by Fortune to get Almaz Moges to
comment on the dismissal were unsuccessful.
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