Nigeria’s Dangote group buys stake in Kenya’s oil pipeline network

Nigerian billionaire, Aliko Dangote, said on Wednesday that his company has acquired a 25 per cent stake in Kenya Pipeline Company which transports petroleum products.

In a speech on Tuesday, Kenyan President William Ruto had mentioned an investment in the network by private investors without revealing their identity.

Last month, Dangote laid the foundation stone in Kenya’s Lamu port for a $16 billion oil refinery project with a capacity of 700,000 barrels per day.

At the time, he said he saw this as part of efforts to stop the continent exporting raw materials and start selling finished products.

Dangote already operates a refinery of similar capacity near the Nigerian city of Lagos. His vast business empire also includes activities in fertilizers, cement, sugar, and other sectors.