Business
ON-GOING: Dangote $16 billion refinery groundbreaking holds in Kenya (Images)
Africa’s richest man, Aliko Dangote, and Kenyan President William Ruto are currently breaking ground on a landmark $16 billion oil refinery in Lamu, on Kenya’s northern coast.
The ceremony, held on Wednesday, September 30, 2026, formally launches construction of the 700,000-barrel-per-day facility, which is set to become the largest refinery in East Africa and the second-largest on the continent after Dangote’s plant in Lekki, Nigeria. The project aims to replicate the success of the Nigerian refinery by processing crude for regional markets, reducing East Africa’s long-standing dependence on imported refined petroleum products, lowering fuel costs, and conserving scarce foreign exchange.
Several African leaders are attending the groundbreaking, including the presidents of Uganda and Ethiopia, along with other regional heads of state and former Nigerian President Olusegun Obasanjo. The event underscores growing continental efforts to process raw materials locally rather than exporting crude and importing finished fuels.
Once completed around 2030, the Lamu refinery is expected to supply Kenya and neighbouring countries such as Uganda, South Sudan, Rwanda, and others. Officials project it will create between 50,000 and 60,000 jobs and stimulate related industries, including petrochemicals and bitumen production. The complex will also feature a 1,000-megawatt power plant, with plans to sell a portion of the electricity to the Kenyan government.
Dangote has offered East African governments a combined 30% equity stake in the project. Financing is structured with roughly 70% debt and 30% equity. The facility is located near Lamu’s deep-water port, chosen for its strategic advantages in handling large-scale industrial operations.
While the project has faced some local land-related protests and a court order maintaining the status quo pending a hearing, the groundbreaking is proceeding as planned. Dangote has dismissed the challenges and reaffirmed that construction will move forward, with the plant targeted for completion in under four years.
The development is being hailed as one of Kenya’s biggest infrastructure investments since independence and a major step toward regional energy security and industrialisation.
The Malindi Environment and Land Court has declined to issue orders stopping the launch and construction of the planned KSh 2 trillion Dangote Oil Refinery in Lamu County.
In a ruling made public on Monday, 28 September 2026, the court instead directed both parties to maintain the status quo on the disputed land in the Hindi/Manda Magogoni area until the matter is heard on 14 October 2026.
The case was brought by 133 residents of Chandavai. They claim the land is their ancestral heritage, where their families have lived and farmed for generations. The residents say they do not oppose development but want their land rights recognised before the project proceeds.
The court ordered the government and other respondents to file their responses within 14 days. The application is scheduled for hearing on 14 October 2026.
The groundbreaking ceremony for the refinery is expected to go ahead as planned on Wednesday, 30 September 2026. While the court has not halted the ceremony at this stage, the status quo order means activities on the disputed site may be restricted pending the October hearing.
Business
Oil Rises As US Rejects Iran Proposal
Iran said it is waiting for a definitive US response to its seven-day proposal to reopen the strait and other demands, adding that it will not ease its conditions after Trump rejected Tehran’s latest plan.
Brent crude climbed above $106 per barrel on Monday, recovering losses from the previous session after President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, raising concerns that the restoration of oil flows through the critical waterway could face further delays.
Trump also said Tehran had overplayed its hand and expects negotiations to resume this week.
Meanwhile, Iran said it is waiting for a definitive US response to its seven-day proposal to reopen the strait and other demands, adding that it will not ease its conditions after Trump rejected Tehran’s latest plan.
Elsewhere in the Middle East, tensions remain high as Saudi Arabia intercepted Houthi drones heading toward Riyadh, along with a missile targeting Khamis Mushait in the south.
Alerts were also issued in Abha and Jazan, where Aramco operates energy facilities.
In the US, Trump is considering a ban on diesel exports as part of efforts to address elevated fuel prices.
Business
NGX Debuts Invest WhatsApp Channel
The channel provides investors with an additional, convenient way to participate in public offers.
Nigerian Exchange Group (NGX Group) has expanded access to its NGX Invest platform with the launch of a WhatsApp subscription channel.
The channel provides investors with an additional, convenient way to participate in public offers.
Investors can begin the subscription process by sending “Invest” to NGX Invest on WhatsApp at +234 812 731 9521.
They can then follow the prompts to view eligible offers and complete the required subscription steps without downloading a separate application.
As part of the process, investors will select a stockbroker through whom their application will be processed, ensuring that brokers remain an integral part of the investment journey.
(VANGUARD)
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