Aliko Dangote, a Nigerian billionaire widely recognized as Africa’s richest man, has expressed his plan to venture into the construction of a 650,000-barrel-per-day oil refinery in Kenya, preferably in Mombasa County.
Aliko’s preference for the refinery to be constructed in Mombasa was because, according to the billionaire, Mombasa has larger and deeper ports.
In addition, he noted that Kenya had a larger economy and higher consumption levels than other countries.
Aliko announced his plan in the Financial Times, noting that the project is estimated to cost KSh 1.9-2.3 trillion to complete.
His announcement followed his commitment to the establishment of a regional oil refinery during the Nairobi Infrastructure Summit.
According to Aliko, through the Dangote Group, the refineries were expected to number about three or four and be built over the next four to five years.
“My commitment today here is that if we agree with the three or four governments here about the refinery, we will lead and we’ll make sure that refinery is built within the next four or five years.” Aliko Dangote stated during the summit in April 2026.
During his announcement, he, however, noted that his plan could only be initiated with the official permission from the President of the Republic of Kenya, William Ruto, as he holds the final veto.
Also Read: Why Kenya Cannot Build a Commercial Oil Refinery
Aliko Dangote Oil Refinery Discussions
In early April, Aliko held discussions with William Ruto and Ugandan President Yoweri Museveni to explore oil refinery projects that were initially proposed for Tanga, Tanzania.
However, the establishment by Dangote in Tanga, Tanzania, faced diplomatic pushback. Therefore, no progress took place, and subsequently necessitated the discussion with the Kenyan and Ugandan Presidents on the project.
At the April summit, the parties agreed that regional refineries would help reduce East Africa’s refined petroleum imports.
Additionally, the parties agreed that reducing imports from the Middle East would help ensure East Africa is not vulnerable to global disruptions and price hikes as ongoing conflicts in the Region escalate.
Also Read: Ruto Reveals Talks with Dangote on Mega Oil Refinery Plan in Tanzania
Dangote’s Background
According to the latest Bloomberg Billionaires Index data released in May 2026, Aliko Dangote, the Nigerian billionaire, has a net worth of KSh 4.63 trillion.
Further, he controls the Dangote Group, which includes subsidiaries such as the Dangote Refinery in Lagos, Africa’s largest refinery.
Dangote’s refinery began operations in 2024 and has been helping Nigeria reduce its dependence on fuel imports.
In addition, the Dangote Group controls the Dangote Cement, which is the biggest cement producer in Sub-Saharan Africa.
The group also includes companies that deal with sugar, fertilizer, and salt.
According to the data, Dangote began his involvement in commodity trading in the late 1970s, then transitioned to manufacturing between 1990 and 2000.
