Tanzanian businessman Mohammed Dewji has announced plans to invest KSh12.9 billion ($100 million) in Nigerian billionaire Aliko Dangote’s proposed oil refinery in Lamu.
The announcement comes just days after Dangote Group confirmed that it had selected Lamu County as the preferred location for the proposed refinery, which is expected to cost between KSh1.9 trillion and KSh2.2 trillion.
If completed, the refinery will process 700,000 barrels of crude oil per day, making it the largest refinery in East Africa and the second largest on the continent after Dangote’s flagship facility in Lagos, Nigeria.
Dewji Ready to Invest in Lamu Project
Speaking in an interview on Thursday, July 9, Mohammed Dewji praised Dangote for successfully delivering Nigeria’s massive refinery and said he would approach the billionaire about becoming a co-investor in the planned East African project.
“I have spoken to Aliko. What he is doing in Nigeria is unbelievable, and as a matter of fact, I will also reach out to him and say that if he’s putting a refinery in East Africa, I will co-invest,” Dewji said.
He said investments of this nature are critical in helping African countries reduce reliance on imported petroleum products by processing their own natural resources.
“We cannot be dependent on imports. We need to use our resources, add value, refine and manufacture to become sovereign,” he said.
Although Dewji admitted he would have preferred the refinery to be built in Tanzania, he maintained that he would still support the project if it proceeds in Kenya.
“I would lean more toward Tanzania than Kenya,” he said.
His proposed investment of KSh12.9 billion is expected to strengthen investor confidence in the refinery, which has already begun attracting interest from financiers across the region.
Also Read: Aliko Dangote’s Top 9 Investments in Africa and Where Lamu Refinery Will Rank
Dangote Confirms Preparations Are Underway
Dangote Industries Vice President for Oil and Gas, Edwin Devakumar, recently confirmed that the company had already identified a site in Lamu and begun preliminary work on the project.
According to Devakumar, soil testing is currently underway while engineering and design activities continue ahead of construction.
He added that the planned refinery has generated interest among potential investors, with several financiers already approaching the company to explore opportunities to participate in the project.
The refinery will be financed through a combination of Dangote’s internally generated funds, bond financing and proceeds expected from the planned initial public offering (IPO) of the Dangote Petroleum Refinery in Nigeria.
While the proposed IPO has attracted considerable attention from investors, Nigeria’s Securities and Exchange Commission has clarified that it has not yet received or approved a formal application for the listing.
Refinery Expected to Reduce Fuel Imports
Once completed, the Lamu refinery is expected to replicate the scale of Dangote’s refinery in Nigeria, which ranks among the world’s largest single-train refineries.
The project is expected to significantly reduce East Africa’s dependence on imported refined petroleum products by increasing local refining capacity.
Industry analysts believe the refinery could also help shield consumers from fluctuations in global fuel prices, lower shipping costs, and reduce pressure caused by foreign exchange movements.
Beyond improving regional energy security, the investment is expected to strengthen Kenya’s position as a petroleum hub by supplying refined fuel to neighboring countries, supporting industrial growth, and creating employment opportunities.
Also Read: Why Dangote Overlooked Isiolo When Choosing Location of His Giant 700,000 bpd Single Train Refinery
Who Is Mohammed Dewji?
Popularly known as “Mo,” Mohammed Dewji is the owner and Chief Executive Officer of Mohammed Enterprises Tanzania Limited (MeTL Group), East Africa’s largest indigenous industrial conglomerate.
With an estimated net worth of KSh284.9 billion ($2.2 billion), Dewji is East Africa’s richest person and the region’s only billionaire on the Forbes 2025 World’s Billionaires list.
His interest in the Lamu refinery comes just months after he revealed plans to expand his business footprint in Kenya with a KSh6.5 billion ($50 million) soft drinks manufacturing plant in Mombasa.
The facility is expected to produce several beverages, including Mo Cola, which Mohammed Dewji, plans to sell at about KSh15 per 300ml bottle, significantly below the prices of many competing brands.
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