Dangote Refinery Extends Tentacles To East Africa, Kwairanga Urges Investors To Back Dangote Refinery IPO

 

By allcitynews.ng 

The extension of its tentacles to East Africa, the Chairman of the Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga, has urged investors in East Africa to support the Dangote Petroleum Refinery Initial Public Offering (IPO).

Even as describe the investment as an opportunity to strengthen African-owned capital and accelerate industrial development on the continent.

Kwairanga made the call on Tuesday, September 29, 2026, during a high-level investor engagement on the Dangote Petroleum Refinery IPO held at the Nairobi Securities Exchange (NSE) in Nairobi, Kenya.

Speaking at the event, the NGX Group chairman said the growing cooperation among African countries was consistent with calls by leaders, including Kenyan President William Ruto and Nigerian President Bola Ahmed Tinubu, for greater African collaboration in addressing the continent’s developmental challenges.

He said African entrepreneurs were increasingly responding to that vision through investments designed to expand local production, reduce dependence on imports and deepen industrial capacity.

Kwairanga particularly highlighted the contributions of Aliko Dangote, whom he described as his “elder brother,” citing the Dangote Group’s role in transforming Nigeria’s cement industry from one heavily dependent on imports to a sector capable of meeting domestic demand and exporting to other markets.

According to him, Dangote’s investments in fertiliser and petroleum refining represent a continuation of the same industrialisation drive.

“Now he is doing the same in fertilizer and petroleum products and spreading that vision of an industrialised African continent led by African visionaries across the continent,” Kwairanga said.

He pointed to the Dangote Refinery in Lagos as an example of the potential impact of large-scale African-owned industrial projects, adding that the proposed investment and expansion of refining capacity in Kenya could similarly have implications for East Africa.

“I am confident that the one planned for Kenya will have the same positive impact on the whole of East Africa,” he said.

Kwairanga also drew attention to the financing strategy behind such investments, noting the importance of mobilising capital from within Africa rather than relying predominantly on foreign borrowing.

He said greater participation by African investors could provide entrepreneurs undertaking large-scale industrial projects with locally sourced capital while allowing investors to participate directly in the continent’s economic transformation.

“I invite our East African investors to key into this vision and give leaders like this the capital and support to take Africa to another higher level of development,” he said.

The NGX chairman further encouraged investors to view the Dangote Petroleum Refinery IPO within the broader context of African capital-market development and industrialisation.

“You will be making a good investment decision for yourself and for future generations of Africans,” Kwairanga said.

The Nairobi engagement forms part of efforts to deepen investor awareness and participation in the proposed offering, while strengthening links between Nigeria’s capital market and investors across East Africa.

The Dangote Refinery, located in Lagos, is one of Africa’s largest petroleum refineries and is designed to process crude oil into refined petroleum products for domestic and international markets.

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