By HornCurrent Newsroom
Date: 24 November 2025
Location: Jigjiga, Ethiopia
Shabelle Bank CEO Khadar Reportedly Flees as Sources Confirm Major Institutional Collapse
Reliable sources have confirmed to HornCurrent that Mr. Khadar, the Chief Executive Officer of Shabelle Bank, has fled the country after spending several weeks in the United States. The development comes amid growing fears that the bank has collapsed internally, leaving behind extensive financial irregularities and possible criminal misconduct.
According to preliminary information gathered from trusted insiders, large portions of Shabelle Bank’s assets have allegedly been withdrawn or mismanaged unlawfully, raising serious concerns about financial oversight and regulatory breaches.
Sources further claim that the Somali Regional President and the Minister of the Presidency played a direct role in facilitating the CEO’s escape. The officials allegedly intervened after learning that the bank was insolvent and beyond rescue — with substantial sums reportedly handled under their authority.
New Controversies Emerge Over Proposed Replacement
Amid the turmoil, new reports indicate that authorities are planning to appoint Abdi Jihad, an official of Oromo origin, to lead the bank’s management.
Critics warn that this move may be intended to:
- Shield current officials from accountability
- Politically reframe the crisis
- Distance the leadership from public backlash over the bank’s collapse
Opposition voices argue that handing over the institution’s leadership during such a sensitive period raises questions about transparency and possible political maneuvering.
Awaiting Official Statement
As of now, Shabelle Bank has not released any formal announcement regarding:
- The status of its CEO
- The alleged collapse
- The future of its leadership
- The status of customer funds
HornCurrent will continue to monitor developments closely and provide updates as soon as the bank issues its official statement.
