Nigeria's Dangote buys 25pc stake in Kenya's oil pipeline network

News agency

Thomson Reuters

Industrialist Dangote last month broke ground on a 700,000-barrel-per-day oil refinery project in Kenya's Lamu port.
Africa's richest man, Dangote already operates a ⁠similar-capacity refinery near Lagos, part of a sprawling business empire that also includes fertiliser, cement, sugar and more.
Dangote announced the deal at the Financial Times Africa Summit in London.
In a speech on Tuesday, Kenyan President William Ruto said private investors had bought a 25 percent ‌stake ⁠in the country's pipeline network from public entities but did not disclose who the buyers were.
Earlier this year, the Kenyan government sold a ⁠65 percent stake in Kenya Pipeline Company via an initial public offering, its first major share sale in two ⁠decades as it sought to raise revenue at a time of limited fiscal ⁠space.

Conflict