Mohammed Dewji, Tanzania's wealthiest businessman, has pledged $100 million toward Aliko Dangote's proposed oil refinery in Kenya, signaling major backing for what could rank among Africa's largest energy ventures. Dewji told Bloomberg he'd support the $17 billion project despite his preference that it be sited in his home country.
"I would lean more toward Tanzania than Kenya," Dewji said. "Definitely reach out to him and we can chat about it."
The Tanzanian industrialist said he plans to contact Dangote directly to explore the partnership. Bloomberg reported that the two haven't yet discussed a potential deal.
Dangote initially planned the refinery for Tanga in northern Tanzania before relocating it to Lamu on Kenya's coast. He cited "commercial and technical" advantages for the shift, though he hasn't elaborated on specifics.
A Dangote representative confirmed to Bloomberg that investor appetite for the project runs high. "So many potential investors have been approaching us," the executive said.
The facility would become Africa's second-largest refinery after Dangote's Lagos operation, which currently handles about 650,000 barrels of crude daily. Dangote intends to boost that capacity to roughly 1.4 million barrels a day in coming years.
President William Ruto announced that construction is expected to kick off this year. The $17 billion project will draw funding from multiple sources, including a $4 billion syndicated financing package.
The African Export Import Bank is providing $2.5 billion of that total. Chinese equipment manufacturer XCMG Construction Machinery signed a $400 million agreement to support the refinery complex's development.
Despite relocating the refinery, Dangote continues expanding operations across Tanzania. The group is building a seaport, a 2,000 megawatt coal-fired power station and a 40-kilometre concrete road to improve port access.
Dangote also plans to develop a special economic zone, construct a urea fertiliser plant and establish transport links connecting Mtwara and Mbamba Bay. These investments underscore the company's broader commitment to the region's industrial growth.
Dewji transformed the MeTL Group into one of East Africa's largest private conglomerates, operating across manufacturing, agriculture, energy, logistics, textiles and consumer goods. He ranks among Africa's youngest billionaires and stands out as one of the continent's most active industrial investors.
