Billionaire businessman Aliko Dangote has responded to opposition facing his planned $15–16 billion Lamu oil refinery, saying he will not be deterred by legal challenges or difficulties surrounding the project.
Speaking in Nairobi on Tuesday, September 29, Dangote said African businesses should not always expect international banks to finance major projects on the continent.
“An international bank will not lend you money to develop your continent. Forget it.”
He said local financial institutions understand the African market better and could play an important role in financing major investments.
Dangote also reaffirmed his commitment to Kenya, describing the country as home and saying his company intends to continue investing despite the challenges.
Dangote reacts to Lamu court order
His remarks came shortly after a Kenyan court issued orders concerning land earmarked for the proposed refinery in Lamu County.
The Malindi Environment and Land Court directed parties to maintain the existing status quo on the disputed land until October 14, when the case will be heard. The case was brought by 133 residents of Chandavai, who have challenged the use of the land for the refinery project.
Dangote said he only learned about the court development after arriving in Kenya and described such legal challenges as something his businesses have encountered elsewhere in Africa.
“I said this is normal for us in Africa. In fact, this is small,” he said.
He recalled a previous situation in Senegal where one of his factories was stopped for about a year before his company pursued the matter through the country’s Supreme Court.
‘We’re ready for them’
Dangote said his experience with previous legal and regulatory challenges had prepared his company to deal with opposition to its investments.
“Anybody who wants to cause trouble, we’re ready for them,” he said.
The billionaire maintained that Kenya remains an important destination for his investments and said the challenges would not change his commitment to the country.
The proposed Lamu refinery is expected to have a capacity of 700,000 barrels per day and is projected to cost between $15 billion and $16 billion. Dangote has said he hopes the project will be completed by 2030.
Despite the court order, Dangote’s group said the groundbreaking ceremony had not been halted, although some activities at the site could be affected while the court matter is pending.
The company remains committed to progressing with its planned initiatives and asserts that it will adapt its operations as necessary to comply with the judicial decision.
Stakeholders have been assured that all efforts will be made to minimize disruptions during this period. Furthermore, Dangote’s group emphasizes its dedication to transparency and will keep the public informed regarding any developments related to the court proceedings.
The organization is poised to resume full-scale activities once the legal matters are resolved.
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