LAMU, Kenya — President William Ruto has said the ownership and operations of the planned Dangote East Africa Refinery will be conducted transparently as the KSh2 trillion project moves towards its official launch on 30 September 2026.
Speaking during his development tour of Kenya’s Coast region, President Ruto said the government would hold a stake in the refinery and that part of its shareholding would subsequently be made available to Kenyan investors through the Nairobi Securities Exchange (NSE).
The announcement places public participation at the centre of the government’s plans for the proposed refinery, which Ruto described as a major investment with implications for Kenya’s economy and the wider East African region.
The President also warned individuals he accused of demanding personal benefits or imposing unreasonable conditions on investors seeking to establish businesses in Kenya.
He said such practices could discourage investment and undermine efforts to expand the economy.
“Investors need incentives, not conditions,” Ruto said.
He was speaking in Kilifi and Kwale counties on Tuesday, during the fourth day of his Coast development tour.
Ruto vows to back refinery project
Ruto said the government would not allow what he described as profiteering to derail the refinery project.
“They cannot stop this project. I will make sure it succeeds,” he said.
The President linked the controversy surrounding the refinery to what he described as previous attempts to frustrate major investments in Kenya, citing Nigerian businessman Aliko Dangote’s earlier efforts to establish a cement plant in the country as well as the proposed crude oil pipeline between Kenya and Uganda.
According to Ruto, investors require a predictable and supportive business environment rather than demands for personal or private benefits.
He said the refinery would create opportunities for Kenyans while helping strengthen the country’s foreign-exchange reserves.
Ruto did not provide further details on the proposed government shareholding or the mechanism through which shares would be offered to the public. Those details are likely to be important as the project moves towards implementation and any eventual listing or public share offer.
Government links project to investment growth
Ruto also used the refinery project to highlight what he described as an improvement in Kenya’s foreign direct investment.
He said Kenya attracted $1.6 billion in foreign direct investment in 2022, compared with $3.2 billion in 2025.
Ruto said the government expected the refinery, once operational, to contribute to further growth in foreign investment, projecting annual inflows of between $6 billion and $7 billion.
The figures and projections were given by the President and were not independently substantiated in his remarks.
The refinery is being presented by the government as a major industrial investment capable of creating employment, supporting related businesses and strengthening Kenya’s position in the regional energy market.
Coast land reforms
During the same tour, Ruto also addressed long-running land disputes along the Coast, saying the government had allocated KSh10 billion towards resolving land ownership and adjudication challenges in the region.
He said the programme was intended to address longstanding uncertainty over land rights and reduce the risk of evictions affecting residents.
“The land challenges in this region have violated the rights of the people, causing widespread poverty and the spectre of constant evictions,” he said.
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Ruto said the government would continue financing the programme in subsequent years.
To accelerate the adjudication of government-acquired land, he said 300 officials from the Ministry of Lands had been deployed to the Coast.
The President’s comments come as the government seeks to position the region as a major destination for investment while addressing some of the longstanding land disputes that have complicated development projects.
The proposed Dangote East Africa Refinery is expected to become a major test of that investment strategy, particularly as the government moves to translate its proposed public stake and wider economic benefits into a transparent ownership and operating structure.
