Aliko Dangote said the planned Lamu refinery will be completed before Uganda’s proposed refinery, and told African governments to treat investment announcements with caution until projects are built.
Speaking at the Nairobi Securities Exchange (NSE) during an engagement with Kenyan and East African institutional investors, Dangote said: “By the time we finish this refinery in Lamu, it will be the fastest refinery to be built.” He added that when Lamu starts operations, he expects little physical progress on Uganda’s project.
Uganda picked UAE based Alpha MBM Investments to develop a 60,000 barrels per day refinery in Hoima. Alpha MBM takes 60% and Uganda’s state oil firm UNOC keeps 40%. The refinery is valued at about US$4 billion, and the wider oil development is described as a roughly US$10 billion programme.
Dangote recalled that an Emirati group announced the Uganda investment two to three years ago. “I’m not saying that I wish anybody bad,” he said. “Let us be very careful of people coming to give us a high hope and eventually they are not going to come and do anything.”
Lamu refinery to list on the NSE
Dangote said the Lamu refinery should list in Nairobi and rejected the idea of a New York listing.
“If the Lamu refinery has to be listed, it should be on the NSE,” he said. “This is an African company. It should benefit Africans.”
He later repeated the pledge as a commitment: “The East African refinery will be listed at the Nairobi Securities Exchange.”
Bob Karina, chairman of Faida Investment Bank, asked Dangote to cross list Dangote Petroleum Refinery shares in Nairobi. Dangote said secondary listing is “something that we’ll definitely look at.”
Lamu power supply to Kenya
Dangote said Lamu could become the biggest corporation in East Africa. He said the business is dollarised, which limits currency devaluation risk. He also said Dangote pays dividends in dollars.
The complex will generate about 1,000MW. Dangote said the refinery will use about 450MW and hold 50MW in reserve. The other 500MW is to be sold to the Kenyan government under an agreement being signed. “There will not be any lack of power in Lamu,” he said.
He said the Lamu project requires up to 60,000 workers at peak construction, and that construction equipment is already on site.
Uganda’s Yoweri Museveni is among the East African leaders who backed the project in April, according to Africa Finance Corporation chief executive Samaila Zubairu, who told the forum the market for finished fuel in the region is about 20 million metric tonnes a year.
Dangote Says Court Order Will Not Stop Lamu Refinery Groundbreaking
GDRs for Kenyan investors: timeline
Renaissance Capital Kenya and Renaissance Capital Nigeria will offer Global Depositary Receipts (GDRs) in Dangote Petroleum Refinery to Kenyan investors. Renaissance Capital will collect Kenyan applications and submit one aggregate application in the Nigerian offer.
It will then issue GDRs against the shares it receives. Investors will buy and sell the GDRs through NSE licensed brokers, in Kenyan shillings, at normal commissions. Dividends and rights issues pass through to holders.
Stanbic is the custodian, Image Registrars is the registrar, and law firm partners of GNA Advocates are the transaction lawyers.
| Stage | Date |
|---|---|
| CMA and NSE filing | 28 September to 2 October |
| Offer period | 5 to 13 October |
| Allotment | Around 11 November |
| Settlement | 12 November to 2 December |
| NSE listing and trading | Targeted for 8 December 2026 |
The timeline depends on regulatory approvals. Capital Markets Authority chairman Mohammed Ali said the regulator has received daily inquiries from investors asking how to take part since the Nigerian offer opened on 14 September. He said GDRs, “if structured right,” can provide access, subject to disclosure and conduct rules.
Offer terms
Dangote Petroleum Refinery is offering shares at 525 naira. The base offer is 2.15 trillion naira, about US$1.5 billion, and can rise to US$2.05 billion with a 30% allotment.
Group chief financial officer Murat Arden said the Nigerian offer closes on 13 October. Renaissance Capital’s Karimi said the Kenyan listing would follow the Nigerian one.
More on markets and energy deals at Khusoko.
