The National Bank of Ethiopia (NBE) has sacked Almaz Moges from her post as General Manager of the turbulent Nile Insurance.
Nana, Banking and Insurance Supervision Department head, wrote a letter
to Nile on June 19, 2008, informing them that her deputy, Dawit G.
Amanuel, would take over the post. It is alleged, however, that she
refused to hand over the office to her successor. The central bank
subsequently shut down the office on Thursday, June 26, 2008.
The letter came a week after the central bank
declined to approve two of the seven newly elected members of the Board
of Directors. Almaz had been advised by officials at the NBE that the
insurance company needed better management. Currently, the company is
in debt for more than 50 million Br following various business deals.
Yes the company had excess debt. Here is the story. Here is a picture of Almaz Moges. Here, in black and white, is the authorized role of the bank in regulating insurance companies. Here is Megan McArdle and here. Read Felix Salmon. Here are some cautionary words about strangers. So can New York State now regulate the Fed?