Aliko Dangote pan-African share sale and business expansion 2026
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Africa's richest man helps fund $660m fuel pipeline between Ethiopia and Djibouti
Ethiopian Prime Minister Abiy Ahmed said the pipeline would reduce fuel transport time from Djibouti's port to Addis Ababa from five days to one.
Djibouti is expected to benefit from increased port activity, job creation and higher government revenues from the project.
Dangote's company is due to break ground on a proposed 700,000-barrel-a-day crude oil refinery in Lamu, Kenya.
Nigeria's refining revolution and monopoly problem
Aliko Dangote said the refinery is part of a broader African industrial project and that Africa cannot industrialise without energy security.
The Dangote Petroleum Refinery cost approximately $20bn to build.
There have been repeated public disputes since 2024 involving the Dangote refinery, the NMDPRA, and the NNPC over crude supply, fuel import licences, and domestic market rules.
Profile of Aliko Dangote and Nigeria's oil refining
Dangote rejects criticism that he is creating a monopoly.
Dangote says his refinery has made Nigeria less dependent on imported fuel.
Dangote says his goal is to make Africa great and to make the continent more self-sufficient and less reliant on imports.
Nigerians show off oil wealth after share-buying frenzy
Until recently, Africa's largest crude oil producer had no refining capacity and had to import the finished product.
The share sale was Africa's biggest-ever sale of its kind.
Investment apps crashed on the first day of the Initial Public Offering because they could not handle the high demand.
“I think the hope for the common man is that his money will grow into something big, and don't forget this is coming at a time when many are struggling as the economy is not doing great,”
Africa's richest man launches continent's biggest share sale
The Dangote refinery has a processing capacity of 650,000 barrels per day.
The IPO lasts for a month.
The money raised by the share offer is intended to help double the refinery's capacity.