July 19, 2024

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Commercial Bank of Ethiopia

Armed Forces Rob Over 2M Birr from Commercial Bank of Ethiopia

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On June 13, 2024, the Rema branch of the Commercial Bank of Ethiopia, located in the Mida Woremo Woreda of the Northern Shewa Zone in the Amhara Region, was robbed of over 2 million birr by armed forces. Mr. Said Ibrahim, the local administrator, stated that the armed forces, who were supposed to be operating in the area, stole the money.

Mr. Said Ibrahim, the local administrator

Moreover, the armed forces were also accused of diverting a shipment of man-made soil fertilizer intended for the neighboring Merhabete district.

Local sources revealed that the armed forces took the money because they were angry about their bank account being blocked. This suggests that there may have been an underlying motive that led the armed forces to carry out this robbery.

Overall, this incident has caused significant financial loss and disruption for the Rema branch of the Commercial Bank of Ethiopia. This robbery also has a potential impact on the agricultural community that was meant to receive the diverted fertilizer shipment. The involvement of the armed forces in these criminal activities is particularly concerning and warrants a thorough investigation by the relevant authorities.

In the month of April 2024, the National Bank of Ethiopia also warned that Ethiopian banks are at operational risk, and this risk is likely to rise in the short to medium term. Moreover, NBE mentioned in the Financial Stability Report of April 2024 that three banks lost 20 million Birr from robberies by the end of June 2023. Except for these robberies, fake notes, fake documents, and other frauds are also increasing in Ethiopia with the passage of time. Read More…

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