Africa’s richest man, Aliko Dangote, has acquired a 25% stake in Kenya Pipeline Company (KPC) in a deal valued at approximately $327 million, expanding his investments in East Africa’s petroleum distribution infrastructure.
According to Bloomberg, Dangote, the founder of Dangote Industries Limited, disclosed the investment at an event in London, although he did not name the company through which the stake was acquired.
“We bought 25% of their pipeline network for the distribution of petroleum products,” Dangote said.
The investment comes as Kenya seeks to attract private capital into key infrastructure assets while raising funds for development projects through the partial sale of state-owned companies.
Dangote also outlined plans to expand his energy investments across the continent, including a proposed 700,000-barrel-per-day refinery in Kenya’s Lamu archipelago.
The refinery, estimated to cost $16 billion, would match the capacity of his existing refinery in Lagos, Nigeria.
The proposed project forms part of wider infrastructure development plans linked to the Lamu Port-South Sudan-Ethiopia Transport Corridor, which includes roads, railways, pipelines, airports and power infrastructure.
Speaking at the refinery’s groundbreaking ceremony last month, Dangote said the project would help reduce the region’s dependence on imported refined petroleum products.
“We are breaking ground for a new chapter in Africa’s industrial journey to a brighter future,” he said.
