Ruto to Dangote: Nobody will extort you over Lamu refinery

President William Ruto has encouraged Kenyans to invest in the upcoming Dangote East Africa Oil Refinery in Lamu, explaining it will offer citizens a chance to own a portion of a significant regional venture. Addressing residents in Kilifi on September 29, 2026, the president mentioned the government would hold a stake in the Ksh 2 trillion project, while ordinary Kenyans could acquire shares via the Nairobi Securities Exchange.

"If you have money, purchase shares in this refinery; you'll be grateful later," Ruto said. The president argued that the government couldn't solely depend on borrowing or taxation to fund large-scale industrial projects, emphasizing the need for private capital to boost investment. Ruto stated that the government's responsibility would be to establish an environment conducive to capital commitments while ensuring Kenyans also profit from major projects.

"The government cannot borrow or raise taxes to build every factory, finance every industry, or shoulder every commercial risk. We must create a Kenya conducive to honored investment agreements, delivered projects, and public interest harnessing," he added. Ruto highlighted the Nairobi Securities Exchange's growth, noting its asset value had surged from Ksh 2 trillion three years ago to Ksh 4.2 trillion.

He framed the refinery as an opportunity for Kenyans to directly participate in a project anticipated to exert a broader economic impact. The planned facility will process around 700,000 barrels of crude oil daily, supplying refined petroleum products to Kenya and other East African markets. Ruto also sought to reassure Nigerian billionaire Aliko Dangote of Kenya's commitment to ensuring a secure environment for his investment.

"What Aliko Dangote is doing for Kenya by investing in this Lamu is more than an investment for money. It is the development of our region... I want to assure you, my good brother Aliko, I know you have had a different experience before in Kenya. I want to assure you nobody is going to extort from you anything," he stated. The president assured the transparency of the project's ownership arrangements and prevention of brokers interfering with the investment.

Kenya's allocation of a potential 10% stake in the refinery, with regional governments receiving up to 30% collectively, was noted, with Treasury Cabinet Secretary John Mbadi mentioning the possibility of Kenyan stakeholders increasing their share if other countries did not utilize their allocations. Ruto's push for Kenyans to own shares in the Lamu refinery coincides with Dangote's Nigerian refinery conducting a separate initial public offering.

The Nigerian refinery's IPO consists of 4.1 billion shares priced at ₦525 each, with the offer running from September 14 to October 13, 2026. The Nigerian offer is distinct from the proposed Lamu refinery ownership structure. Construction of the Ksh2 trillion Lamu refinery commenced on September 30, 2026, with the project aimed at enhancing regional fuel supply and supporting industrial development.