Dangote says group ready for legal challenges over investments

Aliko Dangote has said his business group is prepared to face legal challenges to its projects, following a court dispute over land for the planned 700,000-barrel-per-day refinery in Lamu, Kenya.

Speaking at the Nairobi Securities Exchange, Dangote expressed confidence that the $15bn–$16bn refinery project would proceed despite a court order requiring the existing situation on the disputed land to be maintained until a hearing on October 14. The case was filed by residents who claim the land is part of their ancestral heritage.

Dangote also said the group was willing to reduce its ownership of the Dangote Petroleum Refinery to as low as 20–25 per cent if more Africans want to buy shares. He said the company plans to deepen public ownership and list the Lamu refinery on the Nairobi Securities Exchange as part of its expansion across Africa.