Dangote's New $17bn Refinery Sparks Investor Rush as Tanzania Billionaire Joins Race
- Tanzania's richest businessman has offered to invest $100 million in Aliko Dangote's proposed $17 billion refinery in East Africa
- Dewji said he prefers the refinery to be built in Tanzania but is also willing to invest if Dangote proceeds with the project in Kenya
- The refinery is expected to become Africa's second-largest and is attracting strong interest from investors ahead of construction
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Tanzania’s wealthiest businessman, Mohammed Dewji, has indicated his willingness to commit $100 million to Aliko Dangote’s proposed $17 billion East African refinery, signalling growing confidence from investors in what is expected to become one of Africa’s biggest energy projects.
According to a Bloomberg report released on Friday, July 10, 2026, Dewji said he would prefer the refinery to be built in Tanzania but remains open to backing the project even if it is ultimately developed in neighbouring Kenya.
Source: UGC
Dangote, Africa’s richest businessman, recently announced plans to establish another mega refinery in East Africa, following the successful launch of his 700,000-barrels-per-day Dangote Petroleum Refinery in Lagos, Nigeria.
Dewji prefers Tanzania but open to Kenya project
Speaking in an interview, Dewji revealed that although he has not yet discussed the investment opportunity directly with Dangote, he intends to initiate talks soon.
He explained that Tanzania remains his preferred location for the refinery because of its strategic importance to his home country. However, he stressed that his interest in investing is not dependent on the project's final location.
“I would lean more toward Tanzania than Kenya,” he said, adding that he had not ruled out investing if the refinery is eventually developed in East Africa’s largest economy. I will definitely reach out to him, and we can chat about it,” he added.
Dangote had earlier disclosed that while Tanzania was initially considered among the possible locations, Kenya's coastal town of Lamu eventually emerged as the preferred site due to what he described as more favourable commercial and technical conditions.
Investor interest grows ahead of construction
The planned refinery has continued to attract attention from both regional and international investors even before construction begins.
According to Bloomberg, a senior executive at Dangote Industries confirmed that numerous investors have already expressed interest in participating in the landmark project.
"So many potential investors have been approaching us," the company official said, underscoring the strong appetite for the refinery despite the project still being in its planning phase.
The facility is expected to cost approximately $17 billion and, once completed, will become the second-largest refinery in Africa, behind Dangote's Lagos refinery, which has significantly reshaped Nigeria's downstream petroleum sector since commencing operations.
Dangote to sell 10% of refinery via IPO
Meanwhile, Legit.ng earlier reported that Dangote unveiled plans to sell a 10% stake in his $20 billion refinery through a Pan-African Initial Public Offering (IPO) expected in 2026.
The proposed listing was designed to broaden investor participation across the continent while strengthening Africa’s capital markets.
Dangote noted that the offering would also support long-term funding needs for the group’s expanding industrial footprint.
Source: Legit.ng
