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Ethiopian Airlines Group CEO, Tewolde GebreMariam, forced into retirement after decade-long career

Published

3 years ago

March 23, 2022

The Group Chief Executive Officer of Africa’s biggest airline, Ethiopian Airlines, Mr. Tewolde GebreMariam has retired to focus on his personal health issues which have kept him from work for six months.

The announcement of his retirement was made through a statement made available to the media on Wednesday. The Airline said, “he is unable to continue leading the airline as a Group CEO, a duty that demands closer presence and full attention round the clock”.

According to the statement, “Mr. Tewolde GebreMariam requested the Board of Management of Ethiopian Airlines Group for early retirement in order for him to focus his full attention on his medical treatment. The Board, in its ordinary meeting held on Wednesday, March 23, 2022, has accepted Mr. Tewolde’s request for early retirement.”

“Mr. Tewolde led the Airline for over a decade with remarkable success reflected in its exceptional performance in all parameters including but not limited to exponential growth from one Billion USD annual turn-over to 4.5 Billion, from 33 airplanes to 130 airplanes, and from 3 million passengers to 12 million passengers (pre-COVID).” The statement reads further.

Ethiopian Airlines, formerly Ethiopian Air Lines (EAL), is Ethiopia’s flag carrier and is wholly owned by the country’s government. Scholars of Public Administration and aviation experts have referenced the remarkable successes of Ethiopian Airlines as standard for the management of the public enterprise in the continent.

The Airline says it would announce the new Group CEO and successor to Ato Tewolde GebreMariam shortly, meanwhile, Mr. Girma Wake, the former CEO of Ethiopian Airlines, has been appointed recently as a new Chairman of the Board of Management of Ethiopian Airlines Group by the Ethiopian Public Enterprises Holding & Administration Agency.

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Nigeria’s Dangote Refinery exports first fuel to Cameroon

Published

17 hours ago

December 12, 2024

Ifeoluwa Dada

The Dangote Refinery in Nigeria said on Wednesday that it had exported its first petrol to Cameroon, marking a significant milestone that may help stabilise gasoline costs throughout the region and open the door for regional energy integration.

When fully operational, Nigerian billionaire Aliko Dangote’s 650,000-barrel refinery in Lagos is intended to alter the trade of refined products in the Atlantic basin and compete with refineries in Europe.

According to a statement by Neptune Oil, an energy company based in Cameroon, both businesses were looking into new projects to create a dependable supply chain that would assist in stabilising fuel costs and opportunities throughout the area.

According to Neptune Oil, there were no middlemen involved in the petrol delivery deal.

It is anticipated that the refinery’s operations will spur growth in the upstream, midstream, and downstream sectors, increasing investments in cement manufacture, plastic and rubber production, chemical and pharmaceutical goods, and oil refining.

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Egypt’s November inflation drops to 25.5%, near 2-year low

Published

2 days ago

December 11, 2024

Ifeoluwa Dada

According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated to 25.5% in November, the lowest level since December 2022.

Following the Russian invasion of Ukraine, which caused international investors to pull billions of dollars out of Egyptian treasury markets, inflation started to rise sharply in early 2022.

In September 2023, headline inflation reached a record high of 38.0%. It dropped to 26.5% by October 2024.

In a Reuters survey last month, 15 economists’ consensus prediction was for annual inflation to gradually decline to 26.4%.

According to CAPMAS statistics, headline inflation decreased from 1.1% in October to 0.5% in November every month.

Compared to October, when they fell 1.1%, food costs fell 2.8% over the month, making them 23.3% more than they were a year ago.

An increase in the money supply has been a major contributor to inflation. According to central bank data, Egypt’s M2 money supply increased by 29.54% in October compared to the same month last year.