AU commends Ethiopian gov’t, CBE for swift response to fraud attempt

Addis Ababa, May 1, 2024 (FBC) – The African Union (AU) has extended its gratitude to the Government of Ethiopia and the leadership of the Commercial Bank of Ethiopia (CBE) for the timely intervention and support in a recent financial security incident.

The AU emphasized its commitment to upholding the highest standards of financial governance and ethics internally and with all financial services providers as it continues to advance the development and integration of the African continent.

In an official statement sent to Fana Broadcasting Corporate, the African Union addressed reports of an attempted fraudulent act aimed at unlawfully withdrawing funds from its accounts held at the Commercial Bank of Ethiopia (CBE).

The AU praised the vigilance and swift action of CBE staff and the AU’s finance department for thwarting the fraudulent attempt, ensuring no funds were withdrawn and safeguarding the integrity of AU’s financial controls and management. However, the statement indicated that the African Union Commission is treating this matter with utmost seriousness and has initiated a comprehensive review of the existing security measures.

The incident, which occurred on April 15, 2024, involved the submission of forged Payment Transfer Orders totaling over US Dollars 6 million for construction and water drilling projects, AU’s statement disclosed.

Following a meticulous inspection by the Finance Directorate of the African Union Commission, the documents were identified as clear forgeries, prompting immediate measures to prevent financial loss. The relevant security authorities of Ethiopia were promptly informed and have taken steps to identify and apprehend those involved, following investigative procedures, the statement noted.

The AU said it is working closely with the CBE to reinforce safeguards and implement enhanced protocols to prevent future fraudulent attempts.