The Central Bank of Ethiopia (CBE) approved the appointment of Hailu Makonnen as the chief executive officer of Nile Insurance. Hailu has worked in a various positions for Nile since 1995 after joining the Firm as a Junior Clerk.
Later, in 2013 he joined Tsehay Insurance as a manager and was then promoted to acting CEO.
He has been heading the firm for the past 10 months although his appointment was approved by the Central Bank two weeks ago. Under his leadership, the Firm managed to raise its profit from 20 million Br to almost 80 million Br gross profit.
Hailu replaced the long serving executive of the Firm, Mekdes Aklilu. He has a Bachelors Degree in Economics from Addis Ababa University (AAU).
Established 22 years ago, Nile, whose market share stands at eight percent, is one of the pioneers in the insurance industry.