Ownership Transition
What Ethiopia's boards can learn from Kenya's privatisation journey
Kenya's listing waves transformed its boardrooms, sometimes painfully. We look at five lessons Ethiopian boards can apply now.
Wisdom carried forward.
Sankofa helps boards and institutions build the governance they need for a new era of ownership, drawing on lessons already learned across Africa.
The moment
Regional Governance & Strategic Oversight Scope
Boardrooms across the region are entering a transformative era. With state corporations opening to new ownership and Securities Exchanges launching in the region's financial markets, boards that once answered strictly to state directives must now align with the rigorous standards of listed enterprises: sharper strategic oversight, full transparency, robust corporate governance, and heightened accountability to shareholders.
Kenya navigated this transition during its own privatisation and capital markets expansion. Having advised within its boardrooms and established governance institutions, Sankofa brings those hard-won lessons across borders. Our service scope extends across Ethiopia, Kenya, and the wider East Africa region, delivering expert corporate governance architecture, board strategic oversight, and institutional advisory. Sankofa ensures organisations navigate regulatory modernisation seamlessly, accelerate institutional maturity, and avoid the pitfalls encountered in earlier regional market transitions.
What we do
Governance support at every level.
Strong governance needs good rules, capable boards, skilled directors and institutions that sustain standards over time. Sankofa works at every one of these levels.
Governance Frameworks and Policy Advisory
Setting the standards a market can grow on.
We work with securities exchanges, regulators and government ministries to develop the frameworks that shape how companies are governed. We bring direct experience of how codes are designed, consulted on and applied in practice, and we help make sure new standards fit Ethiopia's realities.
- Codes of corporate governance for listed companies
- Governance codes for state owned enterprises
- Governance and ethics legislation and regulations
- Compliance and reporting frameworks
- Training for regulators, officials and boards on new standards
Executive Training
Skills for the modern boardroom.
Our programmes give directors the knowledge and confidence to govern well. Each is practical, discussion led and grounded in Ethiopian and Kenyan cases. Programmes run in Addis Ababa, as in house sessions for individual boards, or as Nairobi immersion programmes that combine training with visits to Kenyan organisations and a cultural experience.
- Introduction to Corporate Governance
- Brand Governance
- Audit for Boards
- The Great Chairman
- Technology Governance
Board Consultancy
Stronger boards, milestone by milestone.
We partner with individual boards over one to two years to raise their effectiveness in lasting ways. Each engagement begins with an honest diagnosis and follows a clear plan with agreed milestones.
- Board evaluations and governance diagnostics
- Board charters, committee structures and terms of reference
- Governance policies and board calendars
- Board development plans
- Ongoing advice to chairs and company secretaries
Shareholder and Ownership Advisory
Guiding owners through change.
The move from state to listed ownership changes the relationship between a company, its board and its owners. We help shareholders and ownership groups understand their rights and responsibilities and align their stakeholders.
- Shareholder education
- Ownership transition guidance
- Stakeholder and investor alignment
- Advice on the owner's role in board appointments and oversight
Institution Building
Institutions that outlast any single project.
Lasting governance standards need a professional home. Our partners have led Kenya's institute of directors and currently help establish governance institutions across Africa. We support the creation of a national directors membership body for Ethiopia.
- Founding charters and governance structures
- Membership models and codes of conduct
- Professional development frameworks
- Registration and financing plans
Who we work with
Built for the people who govern.
- Institutional leaders. The Securities Exchange, regulators, the SOE ministry and Ethiopian Investment Holdings, setting national governance standards.
- Board chairs and directors. Of listed companies and state owned enterprises preparing for new owners and new expectations.
- Company secretaries, CEOs and HR directors. Developing their boards and registering colleagues for programmes.
- Individual directors. Building their own skills and joining a national community of directors.
Why Sankofa
Experience you can build on.
- Lived boardroom experience. Our partners have led Kenya's own institute of directors, sat on boards and advised them for decades.
- A true partnership. Sankofa is built by Ethiopian and Kenyan partners as equals, with deep knowledge of both markets.
- Practical, not theoretical. Every programme and engagement is built around real cases and real board decisions.
- Built to last. We measure success by governance gains that endure long after our work is done.
Programmes and events
Learn from those who have been there.
Our programmes are designed for busy directors. They are short, practical and built around real decisions that boards face. Every participant leaves with tools they can use at their next board meeting.
Open programmes in Addis Ababa
Directors from different organisations learn together and share perspectives across sectors.
In house board sessions
Tailored sessions for a full board or committee, held at your premises.
Nairobi immersion programmes
Several days in Kenya combining training, exchange visits to Kenyan organisations with lived experience, and a Kenyan cultural experience.
Introduction to Corporate GovernanceQ4 2026, date to be confirmed
The foundation for every director. This programme covers what boards are for, the duties directors owe, and what changes when a company moves from state to listed ownership.
You will learn to
- Understand the role, duties and liabilities of a director
- Distinguish the work of the board from the work of management
- Apply the core principles of good governance to your own board
- Prepare for the expectations of listing, disclosure and shareholder accountability
Who should attend
New and serving directors, especially of companies preparing to list or recently divested.
Register
Format and fee to be confirmed. Brochure coming soon.
Brand GovernanceQ1 2027
A company's reputation is one of its most valuable assets, yet few boards oversee it. Based on the Brand Strategy for Board Directors programme, this course treats brand as a governance matter.
You will learn to
- See brand as a strategic asset that requires board oversight
- Ask management the right questions about brand strategy
- Read brand health indicators and oversee reputational risk
- Guide the board through a brand crisis
Who should attend
Directors, chairs and executives who report to the board on strategy and reputation.
Register
Format and fee to be confirmed. Brochure coming soon.
Audit for BoardsQ2 2027
Financial oversight is at the heart of the board's duty to shareholders. This programme builds confidence in overseeing audit, risk and financial reporting.
You will learn to
- Understand the role and composition of an effective audit committee
- Oversee internal and external audit
- Interpret financial statements and key risk indicators
- Strengthen internal controls and risk management
Who should attend
Audit and risk committee members, chairs and directors without a financial background.
Register
Format and fee to be confirmed. Brochure coming soon.
The Great ChairmanQ3 2027
The chair sets the tone for the whole board. This programme explores what great board leadership looks like in practice.
You will learn to
- Lead effective, focused board meetings
- Build a strong, balanced relationship with the CEO
- Manage board dynamics, dissent and difficult conversations
- Lead board evaluation and succession planning
Who should attend
Current and aspiring chairs and committee chairs.
Register
Format and fee to be confirmed. Brochure coming soon.
Technology GovernanceQ3 2027
Technology now shapes strategy, risk and value in every sector. This programme equips boards to oversee it with confidence.
You will learn to
- Oversee technology strategy and major digital investments
- Understand and govern cyber security and data risk
- Ask the right questions about artificial intelligence
- Build technology expertise into board composition
Who should attend
All directors, particularly those on risk, audit and strategy committees.
Register
Format and fee to be confirmed. Brochure coming soon.
Looking for a programme for your whole board? We design in house sessions around your board's priorities.
Enquire about in house training
About Sankofa
Go back and get it.
Sankofa Consulting is a board governance advisory, training and consultancy firm founded by partners in Addis Ababa and Nairobi. We work with regulators, state enterprises, listed companies and individual directors to build governance that earns trust and creates lasting value.
An ancient idea for a modern boardroom.
Sankofa is an ancient concept and Adinkra symbol of the Akan people of Ghana. In the Twi language, san means to return and kofa means to fetch or take. Together they mean "go back and get it." The philosophy is simple: it is not wrong to go back for the knowledge, wisdom and heritage of the past in order to build a better future.
The symbol is often drawn as a bird with its feet planted firmly forward and its head turned back to take a precious egg from its back. The forward feet stand for progress. The backward glance stands for memory and respect for roots. The egg stands for future generations and the knowledge carried forward to them.
We see every well governed board in that bird. It learns from what has gone before, moves confidently forward, and protects what it will pass on.
Our story
Built on a transition we have lived through.
Over two decades, Kenya built the codes, institutions and board practices needed to govern privatised and listed companies. The journey was not always smooth, and much was learned along the way.
Ethiopia now stands at a similar point, with the added advantage of being able to learn from others. Sankofa was founded to make that possible: an equal partnership of Ethiopian and Kenyan governance practitioners, combining local knowledge and relationships with proven experience of what works.
Shibeshi Bettemariam Gebrehawariat
Partner, Addis Ababa
Shibeshi is an Ethiopian economist and institutional development specialist with over three decades of experience spanning economic policy, private-sector development, international development and corporate management. He served as Secretary General of the Addis Ababa Chamber of Commerce and Sectoral Associations from 2021 to 2025, where he led the establishment of Ethiopia's first Institute of Directors under the auspices of the Chamber and advanced public-private dialogue and development partnerships. He brings deep capability in access to finance, backed by an international network in structured project and trade financing, and has served on national boards and steering committees across corporate governance, innovation, finance and disaster management. He holds an MSc in Economic Policy Analysis and Planning from the joint Addis Ababa University–University of Oxford programme and a BA in Economics from Addis Ababa University.
Alvas Onguru
Partner, Nairobi
Alvas is a strategic communications and brand consultant with three decades of experience across leading agency networks in Africa, including McCann, DDB, Ogilvy and TBWA. He served on the Board of the Institute of Directors Kenya from 2019 to 2025, where he chaired the Membership, Strategy and Publicity Committee. He co-developed and co-facilitates Brand Strategy for Board Directors with the Centre for Corporate Governance, and holds an MBA in Creative Leadership from the Berlin School of Creative Leadership.
Duncan Watta
Partner, Nairobi
Duncan is a former Chairman of the Board of the Institute of Directors Kenya, where he also chaired the Strategy and Nominations Committees. He sits on a special committee of the Africa Corporate Governance Network mandated to help establish corporate governance institutions in countries that do not yet have them, and on its ESG Technical Committee. His executive career spans strategy, finance, supply chain and technology in telecoms, construction, tobacco and consumer goods across Africa, the UK, Western Europe and Mexico.
Our values
Talk to a partner
What we stand for.
- Integrity. We model the governance we teach.
- Experience before theory. Our advice comes from lived boardroom practice.
- Partnership. Ethiopian and Kenyan partners stand as equals.
- Discretion. Boards trust us with sensitive matters, and we protect that trust.
- Lasting impact. We measure success by governance gains that endure.
Our vision
Well governed African institutions that create lasting value for their owners, their people and their nations.
Our mission
To strengthen the boards, codes and governance institutions of Ethiopia and the wider region through practical training, trusted advice and experience drawn from those who have been through the same transition.
Insights
Insights for the boardroom.
Short, practical perspectives on the governance questions facing Ethiopian boards today, from our partners and guest contributors.
Board Practice
From state to shareholder: what changes in the boardroom
When a state corporation lists, the board's obligations change overnight. A practical guide to what directors must do differently.
Directors
Why Ethiopia needs a national institute of directors
Codes set standards, but professional bodies sustain them. The case for a directors membership body, and what it would do.
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Directors body
Register your interest
A professional home for Ethiopia's directors.
Many countries have a national institute of directors: a professional body that sets standards, develops directors and speaks for good governance. Ethiopia does not yet have one. As its corporations move to new ownership, the need has never been greater.
Why it matters
- It sets professional standards and a code of conduct for directors
- It offers continuing development and recognised qualifications
- It connects directors across sectors to share experience
- It gives directors a trusted voice in shaping governance policy
Our role
Sankofa's partners bring direct experience of building and leading such an institution. Our Kenyan partners served on the Board of the Institute of Directors Kenya, one as its Chairman. Duncan Watta also sits on an Africa Corporate Governance Network committee mandated to help establish governance institutions across the continent. We are working with respected Ethiopian directors to form a founding group and draft a founding charter.
How it will come together
- Founding group Respected Ethiopian directors come together to lead the initiative.
- Charter The founding group agrees the body's purpose, membership, governance and code of conduct.
- Registration The body is formally registered in Ethiopia.
- Launch Membership opens to directors across Ethiopia.
Be part of it from the start.
If you are a serving director and would like to help shape this institution, or to be informed when membership opens, register your interest.
Questions
Frequently asked questions.
What does Sankofa Consulting do?
Sankofa is a board governance advisory, training and consultancy firm. We help Ethiopia's boards, regulators and state enterprises build the governance they need as corporations move from state to listed ownership, through governance frameworks, executive training, board consultancy, shareholder advisory and institution building.
Where do your training programmes take place?
Open programmes run in Addis Ababa. We also run in house sessions for a full board or committee at your premises, and Nairobi immersion programmes that combine training with visits to Kenyan organisations.
How do I register for a programme?
Choose a programme above and select Register, or send us an enquiry. We confirm every registration and respond within two working days. Corporate bookings can request an invoice.
Why does Kenya's experience matter for Ethiopia?
Over two decades, Kenya built the codes, institutions and board practices needed to govern privatised and listed companies. Our Kenyan partners were in its boardrooms and led its institute of directors. Combined with our Ethiopian partner's local knowledge, that helps Ethiopian boards move faster and avoid mistakes others have already made.
What is the directors membership body?
A national professional body for Ethiopia's directors that sets standards, offers continuing development and speaks for good governance. Sankofa is supporting respected Ethiopian directors to found it. Serving directors can register their interest today.
What does the name Sankofa mean?
Sankofa is an Akan word from Ghana meaning "go back and get it." It teaches that there is wisdom in returning to what has been learned in order to build a better future.
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Contact
Let's talk about your board.
Whether you want to register for a programme, discuss a board engagement or learn more about our work, we would be glad to hear from you. We respond to every enquiry within two working days.
Addis Ababa
Shibeshi Bettemariam, Partner
House Number 3831, Wereda
13
Bole Sub City, Addis Ababa, Ethiopia
+251 903 102 864
Nairobi
Alvas Onguru, Partner
alvas@onguru.africa
+254 720 304 147