Business

Dangote says waiting for President Ruto to begin work on $17bn Kenyan refinery

Dangote said, he would need Ruto to offer land, some east African finance and, most important, protection from what he called dumping of cheap fuel from the likes of Russia or India.

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6 months ago

May 11, 2026

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• Ruto, and Dangote

Aliko Dangote, Africa’s wealthiest industrialist, has stated that he is eyeing Kenya as the site of a huge $17 billion 650,000-barrel-a-day oil refinery he plans to build in east Africa, after questions over a previous push to build the facility in Tanzania.

Tanzanian President Samia Suluhu Hassan last week complained angrily to her Kenyan counterpart William Ruto that she had not been consulted over the earlier plan to build it on her country’s coastline, which was announced in her absence last month at an infrastructure summit.

“I’m leaning more towards Mombasa because Mombasa has a much larger, deeper port,” he told Financial Times in an interview.

He compared Kenya’s port to Tanga, the proposed Tanzanian site for the refinery to process oil from Uganda and the open market.

Dangote estimated it would cost $15 billion to $17 billion to build.“Kenyans consume more.

It’s a bigger economy,” he said, adding that crude oil for the refinery could be transported by ship and need not be located near a pipeline that will carry oil nearly 1,500 kilometres from Ugandan oilfields to the Tanzanian coast at Tanga.“The ball is in the hands of President Ruto,” he said.

“Whatever President Ruto says is what I’ll do,” the Nigerian billionaire added. For the east African refinery to get off the ground, Dangote said, he would need Ruto to offer land, some east African finance and, most important, protection from what he called dumping of cheap fuel from the likes of Russia or India.

“There is no refinery in the world that can survive without that protection,” he said. “If we have an agreement, we can start this year,” he explained. He told the FT he could still build the refinery in Tanzania “if they are able to sort themselves out”.

Related Topics:Dangote Kenya refinery Featured

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Naira Exchange Rates Thursday, 5 Nov 2026

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2 days ago

November 5, 2026

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BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

Business

NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

3 days ago

November 4, 2026

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The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.