EFFORT has 2.7 billion Br in capital and 6 billion Birr in assets

By De Birhan Media 

21-11-2011

The Addis Abeba based English weekly, Fortune Newspaper reported yesterday in its Fineline/Gossip section that the ruling party owned conglomerate Endowment Fund for the Rehabilitation of Tigray (EFFORT) has 2.7 billion Br in capital and 6 billion Birr in assets.

According to the Newspaper, 

First established in the mid-1990s with 25 founding members, 16 of whom were central committee members of the TPLF at the time, EFFORT and its subsidiaries command 2.7 billion Br in capital and six billion Birr in assets, according to a 2010 audit, gossip disclosed.

Fortune also reported that EFFORT paid the government 1.5 billion Br in various taxes in 2009/10. The chairman of the board of directors and its nine to 12 members elected for three years are answerable to a governing council of 55 to 75 people. It normally meets annually between September and December of the calendar year, gossip learnt. Gossip observed that the organisation is pretty faithful in conducting such meetings, the Paper reported.

Follwoing resignation of Hailekiros Gessese, who was the Ethiopian Ambassador to the Sudan choosing to do his own business, ,Abadi Zemu,Chairman/CEO of EFFORT has been assigned in his place  (Ambassador to Sudan).

Fortune reports, 

Now that Abadi has been assigned overseas, electing the next chairman is an issue for the council when it meets next month, gossip disclosed. Gossip is now abuzz with prospective names flying around, from Berhane K. Mariam of Walta Information Center to Tekleweini Assefa of the Relief Society of Tigray (REST). 

Nonetheless, if history provides any insight, chairpersons of EFFORT have always been those who were placed in the political bureau of the TPLF. So one but Azeb Mesfin, one of the four deputy directors of EFFORT and the Prime Minister’s wife, is largely speculated to be well positioned to claim the mantra of an endowment with 21 subsidiaries that paid the government over 1.5 billion Br in various taxes in 2009/10, gossip claims. 

If such be the case, gossip foresees an unprecedented raise to power, influence and prominence of the spouse of a serving head of government, unequalled in history since the time of Emperor Menelik and Empress Taitu.

You can read the whole report from the paper HERE