Dangote eyes Kenya as hub to raise African capital for refinery, other projects

Africa’s richest man Aliko Dangote plans to use a Kenyan investment vehicle to pool African capital for his refinery and other projects. [Courtesy]

Africa’s richest man Aliko Dangote is considering using Kenya as a base to raise fresh capital from African investors for his sprawling industrial empire, including his giant new refinery, he said in a conversation with the head of the International Finance Corporation (IFC).

Speaking with IFC Managing Director Makhtar Diop, Dangote outlined plans to create an investment vehicle in Kenya that would allow African savers to pool funds and invest in Dangote Group companies, a move aimed at keeping more of the continent’s private wealth at home rather than flowing into overseas property markets.