Ruto: Kenyans to Own Shares in Sh2 Trillion Dangote Lamu Refinery

President William Ruto has said the planned Dangote East Africa Oil Refinery in Lamu will have an open and transparent ownership and operational structure, with the Kenyan Government expected to take a stake in the multibillion-shilling project.

Speaking in Kilifi during his ongoing Coast tour, Ruto said ordinary Kenyans would also get an opportunity to become shareholders in the refinery through the Nairobi Securities Exchange (NSE).

The President said the move would ensure Kenyans directly participate in the ownership of a major investment expected to transform the country’s energy and industrial sectors.

Ruto also warned against individuals he described as conmen and profiteers, saying the Government would not allow them to interfere with genuine foreign investors seeking to invest in Kenya.

“We will not allow conmen and profiteers to sabotage genuine foreign investors seeking to invest in our country as has happened in the past,” Ruto said.

The proposed refinery, backed by Nigerian industrialist Aliko Dangote, is scheduled for groundbreaking in Lamu on Wednesday, September 30. The facility is projected to have a processing capacity of up to 700,000 barrels of crude oil per day and is expected to serve petroleum markets in Kenya and the wider region. 

Preparations for the project have intensified, with about 2,930 tonnes of heavy construction machinery already arriving at the Port of Lamu ahead of the groundbreaking ceremony

The President also highlighted land reforms during his Kilifi visit, where 36,826 title deeds were issued to beneficiaries from Rabai, Ganze, Kilifi South and Malindi constituencies.

The issuance forms part of a wider Government programme to distribute land ownership documents across the Coast region, with the aim of addressing longstanding land tenure challenges and enabling beneficiaries to formally use their property for economic activities.

Ruto’s Coast tour is covering six counties and includes the launch and inspection of infrastructure, land, energy and economic development projects. The Lamu refinery is expected to be one of the centrepieces of the tour.