NBE tells foreign nationals to return share certificates

The National Bank of Ethiopia (NBE) has issued a directive to all banks instructing that all shareholders with foreign citizenship should return their share certificates to the banks. The directive also instructs that shareholders should be paid the value of their shares and dividends accrued until June 30th 2016.

The directive was issued in time for the presentation of banks’ annual reports and annual general meetings with their shareholders and boards. Banks are also required to publish advertisements in newspapers regarding the issue. 

According to the banking business proclamation of 2009, foreign nationals or organizations fully or partially owned by foreign nationals may not be allowed to own shares in Ethiopian banks. According to a source in the banking industry, banks will now have to verify their shareholders’ citizenship and enforce the NBE’s directive.

Source: Addis Fortune