Tanzanian billionaire plans investment in Kenyan refinery

11 Mwezi wa saba, 2026

Imeripotiwa na AI

Tanzanian billionaire Mohammed Dewji has announced plans to invest Ksh13 billion in Aliko Dangote's proposed oil refinery in Lamu, Kenya. The announcement came in an interview on July 9, days after Dangote selected Lamu over a previous site in Tanzania.

Dewji, East Africa's only billionaire, said he had already spoken with Dangote about the project. "I have spoken to Aliko. What he is doing in Nigeria is unbelievable, and as a matter of fact, I will also reach out to him and say that if he's putting a refinery in East Africa, I will co-invest," he stated.

Dewji noted he would have preferred the refinery in Tanzania but remains willing to participate in the Kenyan venture. The project is estimated to cost between Ksh1.9 trillion and Ksh2.2 trillion.

Dangote Industries Vice President Edwin Devakumar confirmed that a site in Lamu has been selected, with soil testing and design work underway. The refinery is expected to match the scale of Dangote's facility in Nigeria and will be funded through internal resources, bonds and proceeds from a planned IPO.

Nigeria's Securities and Exchange Commission has stated it has not yet received or approved any formal IPO application.

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Dangote adds Lamu to potential sites for East Africa oil refinery

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Suluhu holds talks with dangote after refinery plans move to kenya

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Tanzanian President Samia Suluhu met Nigerian billionaire Aliko Dangote on Saturday in Dar es Salaam. The talks followed reports that Dangote now prefers to build a large oil refinery in Kenya instead of Tanzania. Suluhu noted Dangote's ongoing cement investments in the Mtwara region.

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