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Dangote to fund proposed Kenya refinery with cash, bonds and an IPO
Nigeria's Dangote Group plans to finance a proposed 700,000-barrel-per-day oil refinery in Kenya through internal cash flow, bonds and an initial public offering, a senior company executive told Reuters.
Built by Aliko Dangote, ranked as Africa's richest man by Forbes, the Lagos refinery had cost more than $20 billion by the time it began operating in 2024.
Devakumar said the refinery would be financed through a mix of internally generated cash, bonds and proceeds from a planned initial public offering.
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