Aliko Dangote, Nigerian billionaire and owner of the world's largest private oil company, is set to launch a $16 billion oil refinery in Kenya, a project backed by President William Ruto. The refinery, located in Lamu, is part of a broader plan to boost Africa's energy independence, with Dangote predicting the continent will be mostly self-sufficient in refined fuel by 2030.
However, the project has faced local opposition. Senator Dan Maanzo of Makueni has called for landowners affected by the refinery to be compensated before development begins. Maanzo emphasized that the government must follow compulsory acquisition laws, highlighting concerns over land rights and community impact.
The refinery, which is being developed in partnership with Kenya, is part of a larger investment strategy involving Turkish investors and East African governments. The project is seen as a key step in reshaping trade along the Indian Ocean coast.
Dangote has also launched a public share offering for the refinery, aiming to raise up to $2.1 billion, marking Africa's largest initial public offering. Despite the economic potential, the project remains under scrutiny for its social and environmental implications.
