Nigeria’s Dangote Confirms $327mn Purchase of 24.76% Stake in Kenya Pipeline Company
- On Wednesday, Nigerian billionaire Aliko Dangote announced that Dangote Industries acquired a 25 per cent stake in Kenya Pipeline Company in London to support petroleum product distribution.
- The acquisition follows KPC's initial public offering earlier this year, when the government stepped in to purchase shares amid low private investor uptake; Kenyan President William Ruto had referenced private investment during a Tuesday speech.
- Last month, President William Ruto and Dangote broke ground on a $16 billion oil refinery project in Lamu, expected to take 40 months to complete with a processing capacity of 700,000 barrels of crude oil per day.
- Dangote views this investment as part of efforts to stop the continent from exporting raw materials and start selling finished products; he already operates a refinery of similar capacity near Lagos.
- Shares were acquired from state institutions including the National Social Security Fund and the Unclaimed Financial Assets Authority , while the refinery project intends to supply fuel to Kenya, Uganda, and Tanzania once operational.
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Dangote unveils $50bn Africa investment Plan, acquires 25% stake in Kenya pipeline network
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has unveiled an ambitious plan to establish an extensive petroleum distribution network across Africa, with investments in pipelines, storage facilities and strategic supply corridors, while calling on African governments to protect domestic industries against unfair foreign competition. Dangote said the Group was aggressively expanding its […] Dangote unveils $50bn Afri…
Dangote acquires 25% stake in Kenya pipeline
Africa’s richest man, Aliko Dangote, says his company has acquired a 25 per cent stake in Kenya Pipeline Company in a deal valued at approximately $327 million. Dangote announced the acquisition on Wednesday at the Financial Times Africa Summit in London, according to Reuters, saying the investment would facilitate the distribution of petroleum products. “We […]
Africa’s richest man Aliko Dangote buys 25% of Kenya’s oil pipeline network as his East African refinery advances
Nigerian billionaire Aliko Dangote has acquired a 25% stake in Kenya Pipeline Company, deepening his control of the infrastructure needed to supply petroleum products across East Africa.
Nigeria’s Dangote confirms $327mn purchase of 24.76% stake in Kenya Pipeline Company
Credit: Dangote GroupAliko Dangote's 24.76% stake in KPC gives his group a substantial holding in Kenya's petroleum transport infrastructure as it pursues separate investments in regional refining.
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