Africa’s richest man and President of Dangote Industries Limited, Aliko Dangote, has said his business group is prepared to face legal challenges over its investments, following a court dispute involving the planned 700,000 barrels per day refinery in Lamu, Kenya.
A Kenyan court had ordered that the existing situation on the land be maintained until October 14, following a suit by 133 residents who claim the land is ancestral property. Dangote Group says the ruling has not stopped the planned groundbreaking ceremony, although some activities at the site could be affected pending the court hearing.
Speaking at the Nairobi Securities Exchange, Dangote said the company had faced more difficult situations in other African countries and remained confident the Lamu project would proceed. He said the refinery is expected to cost between 15 and 16 billion dollars and could require more than 60,000 workers during construction.
Dangote also disclosed plans to increase public ownership of the refinery, saying his group could eventually reduce its stake to between 20 and 25 per cent if more Africans want to buy shares. He said the company plans to list the Lamu refinery on the Nairobi Securities Exchange and described the broader strategy as an effort to expand African participation in wealth creation.
