Ruto warns brokers against undermining Dangote Refinery investment

President William Ruto cautioned against attempts to hinder the planned Sh2 trillion Dangote refinery in Lamu, as the massive project prepares for its groundbreaking ceremony on Wednesday at the East Africa Refinery in Lamu. Speaking in Kilifi on Tuesday during the issuance of title deeds, Ruto highlighted that the refinery would revolutionize Kenya's economy and draw in billions of shillings in foreign investment.

The Dangote Petroleum Refinery, backed by Nigerian businessman Aliko Dangote, is anticipated to have a capacity of 700,000 barrels of crude oil per day.

Ruto expressed confidence in the upcoming groundbreaking, stating, "Tomorrow, God willing we will officially do the groundbreaking for the refinery in Lamu." He vehemently warned those opposing the investment against making demands for shares and other conditions, vowing that they would "not succeed to con us or lie to us this time round."

The President accused unnamed "brokers" of previously contributing to Kenya losing major investments, pointing to Dangote's earlier attempt to establish a cement plant and the decision to route Uganda's crude oil pipeline through Tanzania. "I am very alert and this time round you will not succeed," Ruto stated.

Ruto assured that the government would ensure the refinery investment is structured transparently and the Kenyan government would have a stake in the project. Kenyan citizens will also have an opportunity to buy shares through the Nairobi Securities Exchange. He emphasized that the refinery investment is an open, transparent opportunity for investors.

Ruto's remarks come amid growing debate around investment opportunities linked to Dangote's refinery projects. The Nigerian Dangote Petroleum Refinery is currently undergoing a major IPO, although Kenyan investors cannot subscribe directly through the Nairobi Securities Exchange. Ruto argued that Kenya must make it easier for investors by offering incentives rather than imposing conditions that could deter investment.

The refinery is expected to facilitate petroleum processing and related industries, while Lamu Port will play a crucial role in handling cargo and marine operations related to the project. A vessel carrying approximately 2,930 tonnes of construction equipment for the refinery arrived at Lamu Port on Saturday. Despite legal challenges over land, the court recently directed parties to maintain the status quo on a disputed parcel in Lamu and declined to halt the groundbreaking ceremony.

Dangote Group confirmed that the court ruling would not stop the official groundbreaking on Wednesday, though it could affect some site activities.

Ruto reiterated his commitment to protecting investments and ensuring the Coast benefits from significant economic projects, stating, "I will not allow you to undermine investments in our country. You have had enough." He also highlighted that the refinery would generate jobs and investment opportunities, positioning the Coast as a vital economic hub.