Tanzania billionaire Mohammed Dewji pledges $100 million for Dangote’s Kenya refinery

Tanzania’s richest businessman, Mohammed Dewji, announced his readiness to invest $100 million in Aliko Dangote’s planned oil refinery in Lamu, Kenya. Dewji told Bloomberg that while he would "lean more toward Tanzania than Kenya," he is prepared to co‑invest in the $17 billion project if it proceeds in East Africa.

The refinery, designed for a capacity of 700,000 barrels per day, would become the second‑largest in Africa after Dangote’s Lagos plant. It was originally considered for Tanzania’s Tanga region but was moved to Kenya for "commercial and technical" reasons. The project has attracted strong investor interest, with Dangote executives noting numerous potential financiers. Funding is expected to combine Dangote’s cash flow, bond issuances, a $4 billion syndicated loan and proceeds from a planned IPO of the Nigerian refinery.

If completed, the Lamu refinery aims to reduce the region’s reliance on imported refined fuels, improve energy security and create tens of thousands of jobs across Kenya and neighboring countries.