Nigerian billionaire Aliko Dangote wants his planned oil refinery in Lamu to give African investors a chance to own part of the project through the Nairobi Securities Exchange.
Speaking at the NSE in Nairobi on Tuesday, Dangote said the proposed 700,000-barrel-a-day refinery should eventually be listed on the Kenyan bourse.
The project is scheduled to break ground on Wednesday, September 30. Once completed, it is expected to be the largest oil refinery in East Africa.
Dangote said wider public ownership could help Africans gain a greater stake in businesses operating on the continent.
“This thing that people are holding, there are a lot of mafia organisations that have actually overtaken most of our businesses in Africa, airline, shipping, ports, you name it,” he said.
“So which means the intention is to continue to make us Africans slaves. And this has to stop.”
He said African countries should develop businesses and capital markets that allow local investors to participate rather than leaving ownership largely in foreign hands.
Dangote also spoke about a new shipping company being developed by his group. He said the business was intended to address the high cost of moving goods between African countries and would also be opened to African investors.
“Let Africans own it,” he said.
The businessman said the shipping venture had an initial investment of $1.6 billion. He said the group could reduce its own stake if demand from African investors increased.
“Even if Dangote will end up having 20 per cent, 25 per cent, we have nothing to hide,” he said.
Dangote said broader share ownership would also give investors a voice in how companies are run.
“If we go to an AGM, we are not doing the right thing, then change the leadership. You can vote and vote us out,” he said.
His comments come as interest grows around the proposed Lamu refinery. The project is expected to cost about Sh2.2 trillion, with the first heavy construction equipment already arriving at Lamu Port ahead of the groundbreaking.
The proposed listing would also come against the backdrop of ongoing interest in Dangote’s Nigerian refinery. Its current IPO is being conducted in Nigeria, while discussions around future cross-listing on African exchanges have continued.
For the Lamu project, however, the planned listing would still require the necessary regulatory approvals and arrangements before investors could trade shares on the NSE.
The refinery is also facing a legal dispute over land rights. A Kenyan court has ordered a pause on certain construction activities while the dispute is considered, although Dangote has said the groundbreaking ceremony will proceed.
Dangote said his broader goal was to increase African ownership of major businesses and deepen the continent’s capital markets.
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