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700 Civilians Already Killed In DR Congo Attack—HRW

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By Dipo Olowookere

The Human Rights Watch (HRW) has urged government of the Democratic Republic of Congo to protect civilians in Beni from attacks.

Unidentified fighters have killed nearly 700 civilians in a series of massacres that began two years ago in Beni territory in eastern DRC, the HRW said on Friday.

In one of the largest recent attacks, on August 13, 2016, fighters killed at least 40 people and set fire to several homes in the Rwangoma neighbourhood in the town of Beni, despite a large presence of Congolese army soldiers and United Nations peacekeepers.

“The Congolese government and UN peacekeepers need a new strategy to protect civilians in Beni and to hold those responsible for attacks to account,” said Ida Sawyer, senior Africa researcher at HRW. “After two years of brutal killings, many people in Beni live in fear of the next attack and have all but lost hope that anyone can end the carnage.”

Human Rights Watch research and credible reports from Congolese activists and the UN indicate that armed fighters have killed at least 680 civilians in at least 120 attacks in Beni territory since October 2014.

Victims and witnesses described brutal attacks in which assailants methodically hacked people to death with axes and machetes or shot them dead. The actual number of victims could be much higher.

It is unclear who is carrying out the attacks. The Congolese government blames one armed group that has been active in the area, while other sources have also implicated other groups and army officers in some of the attacks.

The Human Rights Watch findings are based on five research trips to Beni territory since November 2014, and interviews with over 160 victims and witnesses to attacks, as well as with Congolese army and government officials, UN officials, and others.

A 10-year-old boy said that he had been taken hostage during the Rwangoma attack and witnessed several killings: “Men in military uniform came and took me and my big brother and grandmother. …They tied us up and made us walk with them. Along the way, they started to kill some of us, including my 16-year-old brother. They killed him and some of the others with axes and machetes.”

Congolese army soldiers and UN peacekeepers only deployed to the area after the attack had ended and the assailants had long fled.

Human Rights Watch documented other incidents in which community members had alerted the army, but it did not respond.

In one case, on July 4, 2016, four local farmers warned the army about the suspicious presence of armed men near the town of Oicha, 30 kilometres north of Beni.

The farmers later told Human Rights Watch how an army officer responded: “We have taken all necessary measures to respond to all eventualities. Go home but don’t tell anyone. Don’t scare people for no reason.” The next morning, unidentified fighters fired shots in Oicha. Later, the bodies of nine gunshot victims were found close to two army positions in town.

An army officer based in Oicha told Human Rights Watch that some soldiers were angry when their superior ordered them to leave a nearby position and not engage the assailants as the attack was unfolding.

Senior UN and Congolese army officials have repeatedly asserted that the attacks in Beni territory have been carried out by the Allied Democratic Forces (ADF), a Ugandan-led Islamist rebel group that has been in the area since 1996.

Human Rights Watch research and findings by the UN Group of Experts on Congo, the New York-based Congo Research Group, and Congolese human rights organizations, however, point to the involvement of other armed groups and certain Congolese army officers in planning and carrying out some of these attacks.

ADF fighters from Uganda and Congo have been responsible for scores of kidnappings, mostly for recruitment or carrying goods in recent years, Human Rights Watch said.

Civilians who had earlier been held in ADF camps told Human Rights Watch they saw deaths by crucifixion, executions of those trying to escape, and people with their mouths sewn shut for allegedly lying to their captors. In January 2014, the Congolese army officially opened a new phase of military operations against the ADF with some limited logistical support from the UN Stabilization Mission in Congo, MONUSCO, and its “Intervention Brigade,” a 3,000-member force created in mid-2013 to carry out military operations against armed groups. The series of massacres began several months after the Congolese army pushed the ADF out of their main bases.

The UN Group of Experts found that Brig. Gen. Muhindo Akili Mundos, the Congolese army commander responsible for military operations against the ADF from August 2014 to June 2015, had recruited ADF fighters, former fighters from local armed groups known as Mai Mai, and others to establish a new armed group. This group was implicated in some of the massacres in Beni territory that began in October 2014, according to the Group of Experts.

In a March 2016 report, the Congo Research Group found that certain army elements as well as armed groups other than the ADF might be involved in the massacres.

The forces responsible, chains of command, and motivations behind these attacks remain unclear. Congo’s international partners should support credible government efforts to determine responsibility for the attacks and to improve protection for civilians, Human Rights Watch said.

Given the alleged involvement of some Congolese army officers in the massacres, MONUSCO should ensure full respect for the UN Human Rights Due Diligence Policy when supporting Congolese army operations and withhold all support to units or commanders that may be implicated in the attacks or other serious human rights violations. UN peacekeepers should also improve ties with local communities and immediately deploy to threatened areas.

Human Rights Watch urged the prosecutor of the International Criminal Court (ICC) to collect information to determine whether an ICC investigation into alleged crimes in the Beni area is warranted. The ICC opened an investigation in Congo in June 2004, and has jurisdiction over serious international crimes committed on Congolese territory. The ICC can step in when national courts are unwilling or unable to prosecute grave crimes in violation of international law.

The frequent massacres in Beni have fuelled popular anger at the Congolese government for failing to stop the killings, prompting numerous city-wide shutdowns or “villes mortes” (dead cities), peaceful marches, and some incidents of vigilante violence in the east.

Protests against the Beni killings have in some cases been linked to demonstrations against election delays and attempts to extend President Joseph Kabila’s presidency beyond the end of his constitutionally mandated two-term limit, which ends on December 19. In many cases, government officials and security forces have responded to protests with brutal repression.

“With Congo embroiled in a broader political crisis, the government is less capable of keeping the attacks in Beni from spiraling out of control,” Sawyer said. “Sustained, high-level international attention is needed now to help end the killings in Beni and to identify and bring to justice those responsible for the attacks.”

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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AXIAN Energy Secures $60m for Expansion Across Africa

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By Aduragbemi Omiyale

A financing facility of up to $60 million has been secured by AXIAN Energy, the energy division of the AXIAN Group.

The funding package was provided by MCB, one of the leading financial institutions in the Indian Ocean region.

It comprises a $40 million revolving credit facility with a three-year tenor and extension option, and $20 million in unfunded instruments, providing AXIAN Energy with enhanced financial flexibility, enabling the company to rapidly mobilise resources and seize development opportunities across its target markets.

The energy firm is expected to use the capital to deliver large-scale energy infrastructure projects across Africa.

Over the past two years, AXIAN Energy has significantly accelerated its growth by expanding its renewable energy project pipeline, with solar projects currently under development in Senegal, Benin, Zambia, Côte d’Ivoire, Madagascar, and Burkina Faso.

Building on this momentum, AXIAN Energy now operates a portfolio comprising 350 MW of installed renewable energy capacity, supported by 77 MWh of energy storage capacity, positioning the AXIAN Group as a major contributor to Africa’s energy transition.

The chief executive of AXIAN Energy, Mr Benjamin Memmi, said, “This transaction marks a key milestone in AXIAN Energy’s growth trajectory. It provides us with the financial capacity to sustain the momentum we have built over the past two years, further strengthening our renewable energy portfolio and expanding our presence across new African markets.”

Also commenting, the Global Head of Structured Finance at MCB, Mr Mathieu Delteil, said, “We are proud to support AXIAN Energy in structuring this facility, reaffirming our commitment to enabling transformative projects across Africa.

“By leveraging our sector expertise and deep understanding of regional markets, we have delivered a tailored financing solution that aligns with AXIAN’s long-term renewable energy ambitions.

“This partnership highlights our role as a strategic financial partner, mobilising capital towards investments that drive sustainable growth and accelerate the energy transition across the continent.”

The financing agreement between the two organisations strengthens their long-standing relationship because it is driven by a shared commitment to supporting infrastructure development and economic growth across Africa.

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S&P Restores Afreximbank to Investment-Grade Status After 12 Years

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By Adedapo Adesanya

Credit ratings agency, S&P Global Ratings, has restored the African Export-Import Bank (Afreximbank) ​to investment grade, nearly 12 years after its last assessment, citing the entity’s countercyclical lending record and ‌strong shareholder support.

The BBB+ rating with a stable outlook is one notch above Moody’s Baa2 and comes months after Afreximbank severed ties with Fitch Ratings.

The lender accused the agency of misjudging its mission, following a downgrade to junk status amid disagreements over the bank’s role in debt ​restructurings for Ghana and Zambia. Fitch subsequently withdrew its ratings entirely and flagged governance concerns.

S&P said in ​a statement on Thursday that Afreximbank’s record as a countercyclical lender and its substantial shareholder ⁠support served as rationale for its rating. Credit ratings often guide the costs of capital for a borrower.

The lender’s total assets, S&P noted, had expanded to $42.3 billion by the end of 2025, up ​from $7.1 billion in 2015.

S&P said it did not incorporate preferred creditor status into its assessment because Afreximbank ​provides almost 80 per cent of its loans to private-sector entities.

However, it acknowledged that Afreximbank, alongside other institutions, had experienced prolonged payment arrears in ‌recent ⁠years, notably following the defaults and debt restructurings in Ghana and Zambia.

S&P noted that Afreximbank said in December that it had come to an agreement with Ghana on its $750 million loan, but that the lender had not announced a resolution with Zambia.

The agency warned that further sovereign restructurings could weigh on Afreximbank’s asset quality.

S&P’s assessment described Afreximbank’s governance and management as “adequate”, saying the ⁠inclusion of ​two independent directors and the African Development Bank (AfDB) as a permanent board ​member provided institutional oversight.

It noted that while increasing participation of private-sector investors through Class D shares could influence the bank’s risk appetite, Class A ​shareholders retained veto rights over big institutional changes, balancing potential risk.

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Elon Musk Becomes World’s First Trillionaire as SpaceX Soars in Nasdaq Debut

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By Adedapo Adesanya

Mr Elon Musk, the world’s richest man, is now a trillionaire as his SpaceX rose 11 per cent in its Nasdaq debut on Friday, lifting its valuation to about $1.96 trillion as investors piled into the world’s largest initial public offering (IPO).

The stock opened for trading at $150 compared with the IPO price of $135 per share.

The landmark listing cemented Mr Musk’s status as the first trillionaire ever and propelled SpaceX into the ranks of the ⁠world’s most valuable companies

The listing is being used as a benchmark of what is to come for the market ahead of forthcoming IPOs for AI heavyweights Anthropic and OpenAI.

The record IPO is a culmination of Mr Musk’s long-held ambitions in space and technology.

Most of Musk’s wealth now rests with SpaceX, where ⁠he holds a stake worth roughly $866 billion. Along with Tesla and the rest of his properties, his net worth will exceed $1.1 trillion when the stock begins trading on Friday.

At a quoted $75 billion, the deal’s proceeds were more than double those of Saudi Aramco’s record-setting 2019 IPO.

The valuation could rise further should underwriters exercise their right to sell additional shares, a decision typically made within 30 days after the offering.

Although SpaceX may have to wait for entry into the S&P 500, its expected fast-track inclusion in the Nasdaq 100 will soon make it a major holding for passive funds and ETFs that track the index, creating a fresh source of demand for its shares.

It will take about a month before it gets added to that index under Nasdaq’s new fast-entry rules, as opposed to a typical wait of as much as a year.

SpaceX said its market opportunity spans $28.5 trillion, a figure it called the largest in human history.

Mr Musk, 54, was born in Pretoria, South Africa, to a Canadian mother and South African father. He attended the University of Pennsylvania, graduating in 1997.

He took over as Tesla’s CEO in 2008. Beyond Tesla and SpaceX, Mr Musk ‌has co-founded ⁠five other companies, including tunnelling startup The Boring Company and brain implant maker Neuralink.

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