President William Ruto held talks with Nigerian industrialist Aliko Dangote and Africa Finance Corporation (AFC) President and CEO Samaila Zubairu in New York on the sidelines of the 81st United Nations General Assembly. The meeting focused on financing and final preparations for the proposed Sh2.2 trillion ($17 billion) East Africa Refinery in Lamu, Kenya. Ruto stated that the project would strengthen regional energy security, increase local value addition, create jobs, and support industrialization.
The proposed Lamu refinery is expected to have a processing capacity of 700,000 barrels per day and will be a significant project for East Africa. Ruto emphasized that the project would unlock new economic opportunities, strengthen regional supply chains, and position East Africa as an energy and industrial hub. The Kenyan government is preparing for the planned groundbreaking of the refinery, which is expected to have a major impact on the region.
The Capital Markets Authority (CMA) of Kenya issued a public notice warning Kenyans about the Dangote Petroleum Refinery and Petrochemicals FZE Initial Public Offering (IPO). The CMA stated that the IPO is regulated in Nigeria and has not been submitted to the Kenyan regulator for consideration and approval. The regulator urged members of the public to independently verify the authenticity and source of any prospectus or other offering document before making investment decisions.
The Dangote Petroleum Refinery and Petrochemicals FZE IPO opened on September 14, 2026, and is scheduled to close on October 13. The IPO targets approximately 2.15 trillion naira, or about $1.6 billion, with the sale of 4.1 billion ordinary shares at 525 naira each. This represents Africa's largest share offering to date. However, Kenyan investors' direct access to the current IPO has been affected by the decision not to cross-list the offer locally.
In contrast to Kenya, Rwanda's Capital Markets Authority announced that it was working with relevant stakeholders to facilitate participation by Rwandan investors in the Dangote refinery IPO. Investors interested in the offer can register their interest through United Capital Financial Services Rwanda. The Rwandan regulator clarified that registration of interest does not constitute a subscription for or allocation of shares.
The Lamu refinery project marks a significant change from the initial discussions around Dangote's East African refinery. Initially, President Ruto met Dangote in Nairobi and welcomed the industrialist's announcement that he was ready to partner with Kenya, Uganda, and Tanzania in developing a regional refinery. However, the project subsequently shifted towards Kenya, with Lamu emerging as the selected site.
The proposed refinery is expected to form part of a wider industrial and logistics development around Lamu Port and the LAPSSET corridor. Government projections put the wider project's potential employment impact at more than 60,000 jobs, while the refinery itself is expected to serve as a major driver of economic growth and innovation in the region.
Key points
- President William Ruto held talks with Aliko Dangote and AFC CEO Samaila Zubairu to discuss financing for the proposed Sh2.2 trillion East Africa Refinery in Lamu.
- The Capital Markets Authority of Kenya warned Kenyans about the Dangote Petroleum Refinery and Petrochemicals FZE Initial Public Offering, citing regulatory concerns.
- The proposed Lamu refinery is expected to have a significant impact on the region, creating jobs and driving economic growth.
