The Bank, which is attracted the name of International Bank of Somalia (IBS) is reportedly owned by Damul Jadiid associates including Somalia's President Hassan Sheikh Mohamud and the former ministers of national security and Minister of Justice and Federal Affairs, Abdul Karim Guled Guled and Farah Sheikh Abdulkadir .
Mr. Guled was accused of nepotism when he hired Safari Hotel owner as the IBS's first manager who hails from his own tribe, moreover graduates from SIMAD Institute are hired on the basis of showing group favoritism .
President Hassan's inauguration of the IBS coincided with his wife's plan of building a palace of her own at the Debka neighborhood of the town of Mogadishu nearby Vill Somalia .
Security Experts say that the IBS is likely to be Al-Shabaab's target since the terrorists aware that the Bank is solely a property of the Damul Jadiid group .
Only few months ago , President Hassan bought a house which is under construction from an Indian doctor ; however , Somali people are very concerned about privatization of the national assets . It is worth to mention that the Mr. Mohamud rejected to accept bribes from entrepreneurs of Banaadir region for the first days of his tenure .
By Dahir Alasow
Waagacusub.net - Somalia's President Hassan Sheikh Mohamud on Sunday mourned the death of Namibia President Hage G. Geingob and sent condolences to the government of the African country. Full Article
Waagacusub.net - Somalia's former President Mohamed Abdullahi Farmajo on Monday warned of the risk of political crisis over plans by the incumbent President Hassan Sheikh Mohamud to overhaul the constitution. Full Article
Waagacusub.net - Egyptian President Abdel Fattah el-Sissi said his country will protect Somalia against any threat in what can be described as an indirect response to recent Ethiopia's move to access the seaport of Somaliland. Full Article
Egypt on Tuesday condemned a suicide bomber attack in Somalia that killed at least 20 soldiers. The attack took place at a training camp in the Somali capital, Mogadishu, on Monday. The al-Shabab terrorist group claimed responsibility. Full Article
President HSM's Proclamation to Defeat Al-Shabab by Force in Somalia To overcome the complex problems of civil war, state fragility, and underdevelopment, the Somali people supported risky political changes for a government that promotes freedom, justice, peace, and prosperity in Somalia. For example, the Islamic movements enjoyed popular support to end the brutal reigns of warlords and the military occupation of Ethiopia and establish new government. Full Article
Waagacusub.net -Auditor General Mohamed Ali alias Afgoi has exposed missing millions of dollars from key departments within the Federal Government of Somalia [FGS], in what could raise questions about government expenditures. In his report, Afgoi said 25 entities and three embassies have been audited. Unsupported expenditure amounts to $9M; contracts worth $31M not registered with auditor general's office, the existence of unauthorized bank accounts outside the Treasury Single Account. Full Article
Waagacusub.net - IBS Bank Somalia, which is believed to have the largest amount of money, Al-Qaeda Finance Secretary Fazul Abdallah from Comoros has started issuing Visa Card Payments for the first time. Al-Shabaab's finance secretary confirmed that Mohamed Ali Warsame had $ 157 million in cash, according to Khalif Ereg, who was later bribed with $ 2 million. Full Article
Waagacusub.net - Globally, scientists are camping in Laboratories to find a solution to the Covid-19 pandemic. Sometime in 2020, Dr Patrick Engeu Ogwang, an associate professor of Pharmacy at Mbarara University of Science and Technology (MUST) in Uganda, and a team of other researchers under PHARMABIOTRAC developed a herbal biomedical invention called Covidex. This innovation is said to be a broad spectrum natural remedy intended to manage and treat the Covid-19- Corona virus. Full Article
Waagacusub.net - Somalia displayed a lot of pluck but were left ruing their luck as Oman advanced to the main draw of the FIFA Arab Cup with a 2-1 win Sunday evening. The Omanis scored twice in the first half of the lively game at the Sheikh Jassim Bin Hamad Stadium before Somalia pulled one pack nine minutes after the break. Full Article
Waagacusub.net - Kenyan ambassador to Somalia Lucas Tumbo has today arrived in Somali capital, Mogadishu barely a week the two countries agreed restore their diplomatic ties. Full Article
President HSM's Proclamation to Defeat Al-Shabab by Force in Somalia To overcome the complex problems of civil war, state fragility, and underdevelopment, the Somali people supported risky political changes for a government that promotes freedom, justice, peace, and prosperity in Somalia. For example, the Islamic movements enjoyed popular support to end the brutal reigns of warlords and the military occupation of Ethiopia and establish new government.
Waagacusub.net -Auditor General Mohamed Ali alias Afgoi has exposed missing millions of dollars from key departments within the Federal Government of Somalia [FGS], in what could raise questions about government expenditures. In his report, Afgoi said 25 entities and three embassies have been audited. Unsupported expenditure amounts to $9M; contracts worth $31M not registered with auditor general's office, the existence of unauthorized bank accounts outside the Treasury Single Account.
Waagacusub.net - IBS Bank Somalia, which is believed to have the largest amount of money, Al-Qaeda Finance Secretary Fazul Abdallah from Comoros has started issuing Visa Card Payments for the first time. Al-Shabaab's finance secretary confirmed that Mohamed Ali Warsame had $ 157 million in cash, according to Khalif Ereg, who was later bribed with $ 2 million.
I hereby inform the country that By virtue of the Authority given to the President of Uganda by Articles: 108(2), 108A(1), 113(1) and 114(1) of the 1995 Constitution of the Republic of Uganda, I hereby appoint H.E. the Vice President, Rt. Hon. Prime Minister, Honourable Cabinet Ministers and other Ministers as indicated below:
The Associated Somali Journalists is deeply concerned that journalists were today barred from covering the meeting of the leaders of the Federal Government of Somalia and Federal Member States (FMSs) as well as the Governor and Mayor of Mogadishu.
Waagacusub.net - Somalia's President Hassan Sheikh Mohamud on Sunday mourned the death of Namibia President Hage G. Geingob and sent condolences to the government of the African country. Full Article
Waagacusub.net - Somalia's former President Mohamed Abdullahi Farmajo on Monday warned of the risk of political crisis over plans by the incumbent President Hassan Sheikh Mohamud to overhaul the constitution. Full Article
Waagacusub.net - Egyptian President Abdel Fattah el-Sissi said his country will protect Somalia against any threat in what can be described as an indirect response to recent Ethiopia's move to access the seaport of Somaliland. Full Article
Egypt on Tuesday condemned a suicide bomber attack in Somalia that killed at least 20 soldiers. The attack took place at a training camp in the Somali capital, Mogadishu, on Monday. The al-Shabab terrorist group claimed responsibility. Full Article
President HSM's Proclamation to Defeat Al-Shabab by Force in Somalia To overcome the complex problems of civil war, state fragility, and underdevelopment, the Somali people supported risky political changes for a government that promotes freedom, justice, peace, and prosperity in Somalia. For example, the Islamic movements enjoyed popular support to end the brutal reigns of warlords and the military occupation of Ethiopia and establish new government. Full Article
Hormuud's Assault on African Peacekeepers Figure 14: African Peace Keepers Hormuud launched a scorching public campaign against the Kenyan military forces in AMISOM in late August 2019. Full Article
Former Intel official stripped from NISA membership Full Article
PM KHEYRE USELESS AND COSTY OVERSEAS TRIPS. Full Article
Abiy says 'New Year' will be celebrated in Eritrea, Ethiopian Airlines to resume flights Full Article
Massive rise in Islamist militant attacks in Africa Full Article
Somalia 's New Bank and Privatization of National Assets
Waagacusub.net - The cadres of DamuJadiid , Somalia's Muslim Brotherhood, opened a new bank in the Hamar Weyne district of Mogadishu on Thursday .