COMPANY NEWS IN BRIEF

Namibia investigates surge in rhino poaching in Etosha park

REUTERS

Namibian authorities are investigating a surge in rhino poaching that has seen 28 rhinos poached already this year, two-thirds of them in the Southern African country's flagship Etosha National Park.

It was particularly concerning that 19 rhinos were poached in Etosha this year, given the park is a focus for conservation efforts and a major international tourist attraction, the environment ministry said in a statement on Monday.

Of the rhinos poached, 19 were critically-endangered black rhinos and nine near-threatened white rhinos.

No suspects have been arrested yet.

"We condemn the barbaric actions of those involved and urge anyone with any information that may assist us in apprehending the suspects to come forth," the ministry's statement said.

Rhinos are poached for their horns, which are used in East Asian countries for making traditional medicines and jewellery.

Nigeria's Dangote refinery supplies petroleum products to local market

REUTERS

Nigeria's Dangote oil refinery started supplying petroleum products to the local market on Tuesday, a company executive and fuel marketing associations said, a major step in the country's quest for energy independence.

The refinery, Africa's largest, was built on a peninsula on the outskirts of the commercial capital Lagos at a cost of US$20 billion by the continent's richest man Aliko Dangote and was completed after several years of delays.

It can refine up to 650,000 barrels per day (bpd) and will be the largest in Africa and Europe when it reaches full capacity this or next year.

Dangote's group executive, Devakumar Edwin, confirmed shipping of diesel and jet fuel into the local market.

"We have substantial quantities. Products are being evacuated both by sea and road. Ships are lining up one after another to load diesel and aviation jet fuel," Edwin told Reuters.

The Dangote refinery is touted as the turning point to end Nigeria's reliance on imported petroleum products. Nigeria is Africa's most populous nation and its top oil producer, yet it imports almost all its fuel due to lack of refining capacity.

IMF ends Ethiopia visit, deal not yet secured

REUTERS

The International Monetary Fund (IMF) concluded its visit to Ethiopia to discuss a request for IMF support on Tuesday without reaching an agreement, leaving the East African nation short of a commitment it made with its official international creditors.

"The team made substantial progress towards establishing how the IMF could support the authorities' economic program," and discussions will continue later this month in Washington, the IMF said.

But the Paris Club of developed creditor nations, which does not include China, said last year that an agreement to suspend Ethiopia's debt payments through 2025 could be voided if the country did not secure an IMF loan by March 31.

It was not clear whether Paris Club members would enforce that deadline. Ethiopia reached a separate debt-service suspension deal with China earlier in 2023.

Ethiopia has been without an IMF program since its last lending arrangement with the fund expired in late 2022.