18th Ordinary Annual General Meeting of Shareholders


The 18th Ordinary Annual General Meeting (AGM) of the Shareholders of National Insurance Corporation of Eritrea Share Company was held at the National Confederation of Eritrean Workers Hall on Saturday 4th June 2022. Due to the ongoing concerns about the COVID-19 pandemic, the AGM was conducted by inviting around 100 major shareholders. This makes it the third time that the Company is conducting its AGM in this manner. The Meeting began at 9:00 Hrs in the presence of invited Shareholders.


When the meeting was officially opened by the Master of Ceremony, Mrs. Emnet Mebrahtu, the participants heard a welcoming speech by the Chairman of the Board of Directors Mr. Ghebreberhan Mehretab. After hearing an opening speech by Mr. Paulos Tecleab, the representative of Mr. Zeru Woldemichael the General Manager (CEO) of the Company, the Shareholders proceeded to conduct their AGM. Mr. Zeru Woldemichael has been under medical care for last 2 years.

After confirming the quorum, the Meeting approved the Agenda, as shown below.

Adopted Agenda:-

  • Adoption of the Agenda
  • Approval of the Minutes of the 17th Ordinary Annual General Meeting
  • Matters Arising from the Previous Ordinary Annual General Meetings
  • Management’s Report on the Activities of the Corporation
  • Report on the 2021 Accounts and the Appropriation of Profits
    - Report of the Board of Directors
    - Report of the External Auditors
  • Appointment of External Auditors
  • Date and Venue of the 19th Ordinary Annual General Meeting

As a result, the Meeting approved the Minutes of the 17th Ordinary Annual General Meeting held on 17th July 2021 as a true record of the proceedings of that meeting.As there were no matters that needed to be discussed raised in the previous meetings, the Meeting addressed the next Agenda items, namely, the report of the Management, report of the Board of Directors, and report of the External Auditors presented consecutively by Mr. Paulos Tecleab (Finance & Investments Manager), Mr. Ghebreberhan Mehretab (Chairman of the Board) and Mr. Yemane Araya (General Manager of the Audit Services Corporation) respectively. The reports included highlights on the overall operational activities of the Company and the other affiliated Companies during the year under review; Corporate Governance, the recommendation of the Board on the distribution of the surplus realized in 2021, and whether the financial position of the National Insurance Corporation of Eritrea Share Company as at 31st December 2021 was in conformity with International Financial Reporting Standards and comply with the Commercial Code of the State of Eritrea.


Accordingly, considering the recommendation of the Board of Directors and after having heard the Report of the Corporation’s External Auditors for the financial year ended 31st December 2021, the Shareholders approved the Annual Report and Financial Statements of the Corporation for the financial year ended 31st December 2021; and in accordance with the recommendation of the Board of Directors decided the surplus realized to be distributed as follows:-

  • Nakfa 4,590,364 to Special Reserve
  • Nakfa 9,180,728 to Technical Reserve
  • Nakfa 83,717,007 to be paid as dividend at the rate of Nakfa 7.997686 (Nakfa 8.123185 in 2020) for a fully paid-up share capital (inclusive of bonus shares).

Finally, the Meeting deliberated on an item on the Agenda titled “Appointment and Election of the Board of Directors”. The Board Secretary, Mr. Alexander Zemicael, gave the participants a detailed orientation on how to conduct the election after highlighting the need to replace the three Board members representing the minority shareholders who have served two years more than the prescribed three years term due to the postponement of the election because of the pandemic. He then gave them the chance to identify candidates for the election before casting their votes. When five candidates were nominated for election, the shareholders elected three individuals to serve as Board Members for the coming three years according to the Memorandum and Articles of Association. The elected Board Members are Mr. Assefaw Gherezgihier, Ms. Lia Tesfai, and Mr. Ghebrengus Zere (who was re-elected). The Chairman welcomed the Board Members and wished them a successful and productive term as Board Members of NICE.


Before the meeting was concluded, the Chairman of the Board extended his wishes for a quick recovery for Mr. Zeru Woldemichael and thanked all the participants for taking the time to attend the 18th Ordinary Annual General Meeting, and expressed his gratitude for their valuable contribution.

The meeting was adjourned at 13:00 hrs.

For more information and clarification please send your queries to our email address - nice@niceritrea.com.

You can download the Annual report and financial statement by clicking the button below.

Annual Report & Finance Statement 2021