Fuel imports: We’re ready for court cases – Dangote

Africa’s richest man, Aliko Dangote, has declared his readiness to face legal challenges to his businesses, including the Dangote Petroleum Refinery. The Kenyan court recently ruled over a land rights dispute, halting the groundbreaking ceremony for the planned 700,000-barrel-per-day refinery in Lamu, but the ruling may impact some site activities.

Dangote stated that he is willing to reduce his ownership of the refinery to 25% if more Africans buy shares. He emphasized that the company has encountered difficulties in other African countries, such as a factory shutdown in Senegal, but remains confident in overcoming challenges. The Lamu refinery is expected to cost between $15bn and $16bn and is targeted for completion by 2030.

Dangote sees Kenya as an important part of his group's expansion strategy and aims to list the refinery on the Nairobi Securities Exchange rather than the Nigerian Exchange. He also expressed his willingness to increase public ownership of the company's businesses by selling more shares to African investors, with the aim of democratizing wealth-making.