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African billionaire Aliko Dangote announced his willingness to reduce his ownership stake in the Dangote Petroleum Refinery to 25 per cent as more African investors buy shares, while remaining firm against legal challenges threatening his company’s expansion plans.
Speaking at the Nairobi Securities Exchange, Dangote dismissed a land rights lawsuit from 133 residents in Lamu, Kenya, which prompted a local court to issue a status quo order on the project site until an October 14 hearing.
Emphasising that legal hurdles are common across the continent, he confirmed that the groundbreaking ceremony for the planned $16 billion, 700,000-barrel-per-day refinery would proceed regardless.
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The group plans to list the Lamu refinery directly on the Nairobi Securities Exchange rather than the Nigerian Exchange, aiming to democratise wealth creation and strengthen African capital markets.
Dangote highlighted that the project will create over 60,000 construction jobs and spur regional economic activity, positioning Kenya as a core anchor for the company’s regional footprint.
He reassured prospective investors that the group remains committed to corporate governance, noting that shareholders retain full voting rights to alter corporate leadership if dissatisfied with management.
Reflecting on previous equity sales alongside initial partners like the Nigerian National Petroleum Company Limited, Dangote noted that overwhelming investor appetite had previously driven private placement demand well beyond original targets.
He expressed readiness to approach regulators to release additional equity shares to the public as continental demand grows, even if it eventually dilutes his personal ownership to a minority stake.
