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NGX Group, Nairobi Securities Exchange Deepen Ties on Dangote Refinery IPO Push

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Nigerian Exchange Group (NGX Group) and the Nairobi Securities Exchange (NSE) have advanced efforts to deepen cross-border collaboration, as Nigerian and Kenyan market stakeholders met in Nairobi on Tuesday to explore opportunities to strengthen connections between the two markets and across Africa.

Speaking at Dangote Petroleum Refinery IPO High-Level Investor Engagement hosted by the NSE, Aliko Dangote, President and Chief Executive of Dangote Industries Limited, lauded Umaru Kwairanga, Group Chairman of NGX Group, and Temi Popoola, Group Managing Director/Chief Executive Officer, for their role in advancing collaboration among African capital-market institutions.

Dangote said stronger collaboration among African exchanges could create opportunities for companies to access capital across multiple African markets, rather than limiting their capital-market presence to their home countries.

He cited the planned Dangote refinery in Mokowe – Lamu as an example of the opportunities that could emerge from stronger integration, suggesting that companies with operations across the continent should be able to consider listings in more than one African market.

The Nairobi engagement builds on a strategic meeting convened by NGX Group in Lagos in April, which brought together leaders of major African exchanges to discuss cross-border market connectivity and opportunities to strengthen collaboration among African capital markets.

For Popoola, the significance of the engagement extends beyond any single transaction.

“When we began this engagement, our objective was continental: to bring African exchanges together and explore how we can create stronger connections between African capital markets,” Popoola said.

“Kenya represents an important first step in translating that ambition into practical collaboration. We see this engagement with the Nairobi Securities Exchange as a model that can be strengthened and potentially replicated across other markets on the continent.”

While the Dangote Petroleum Refinery offer provides a practical context for the collaboration, the broader objective is to strengthen relationships between African markets and facilitate greater cross-border access to capital-market opportunities.

The initiative also aligns with wider continental efforts, including the African Exchanges Linkage Project (AELP), to strengthen connectivity and facilitate cross-border trading and investment among African exchanges.

The broader significance of the Nigeria–Kenya engagement comes into sharper focus with the planned groundbreaking of Dangote’s proposed 700,000-barrel-per-day refinery in Lamu. The project, which is intended to serve the East African market, reflects the scale of cross-border business and investment opportunities emerging across the continent.

Popoola said the ambition was to build on the Kenya engagement and develop a model for broader cooperation across the continent.

“We see the work with Kenya as a prototype for how African markets can support greater connectivity among themselves. This is an important step towards facilitating cross-border access to capital-market opportunities, with the potential to scale across West Africa and the wider continent,” he said.

Frank Mwiti, Chief Executive Officer of the Nairobi Securities Exchange, also commended NGX Group for its role in facilitating the engagement. He noted that stronger collaboration among African exchanges could deepen relationships between markets, promote the sharing of expertise and create greater opportunities for investors and issuers across the continent.

The post NGX Group, Nairobi Securities Exchange Deepen Ties on Dangote Refinery IPO Push appeared first on Business Today NG.

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Dangote, Ruto to launch $16 billion Kenya refinery amid land protests

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Africa’s richest man and president/CEO of Dangote Industries Limited, Aliko Dangote, and Kenya’s President, William Ruto, are set to break ground on a $16 billion oil refinery in Lamu County, on Kenya’s northern coast.

This is against the backdrop of protests and legal challenges over land acquisition and compensation.

The proposed Dangote East Africa Petroleum Refinery has raised concerns among residents, activists and economic experts over its potential environmental and social impacts, particularly the displacement of communities and the adequacy of compensation for affected landowners.

Ahead of the groundbreaking ceremony, some residents took to the streets to demand better compensation for land earmarked for the project.

Farmers and residents of Chandavai have also filed a lawsuit alleging forced eviction and property destruction without adequate compensation or a proper resettlement plan.

The petitioners argued that the land designated for the refinery is part of their ancestral heritage and provides essential livelihoods for their families.

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In response to the legal challenge, the Malindi Environment and Land Court ordered a temporary halt to construction activities pending a hearing.

Environmental activists have also questioned whether the project complied with mandatory public participation requirements and comprehensive environmental impact assessments under Kenyan law.

According to the BBC, Mr Dangote has dismissed the protests as manoeuvres by local marketers and international players, while insisting the refinery would proceed as planned and be ready by 2030.

In an interview with the BBC’s Focus on Africa programme, Mr Dangote disputed claims of inadequate compensation, saying his company had acquired only the portion of land it required from the area made available by the government.

“To come and say some people are demonstrating, demonstrating about what? Have you ever seen people demonstrating against themselves in terms of development?” he asked, indicating that the protests would not derail the project.

Mr Dangote said the refinery would create about 60,000 jobs at the peak of construction, with the benefits extending beyond those directly employed by the project.

“Are we going to bring robots? Of course, the people will benefit,” the BBC quoted him as saying.

The proposed refinery is expected to process 700,000 barrels of crude oil per day, making it one of Africa’s largest refining facilities and the biggest industrial project of its kind in East Africa.

The project is expected to cost between $15 billion and $16 billion and take about three years to construct. It is modelled after Dangote’s 650,000-barrel-per-day refinery in Lagos, Nigeria.

Once completed, the facility is expected to supply refined petroleum products to Kenya, South Sudan, Uganda, Burundi, and the Democratic Republic of the Congo.

The proposed investment has also triggered questions about why Kenya was selected for the refinery, given that it is not an oil-producing country. Some critics have suggested that Tanzania or Uganda would be more suitable locations, particularly as both countries are advancing plans to export crude oil through the East African Crude Oil Pipeline.

However, Kenya’s Energy and Petroleum Minister, Opiyo Wandayi, told the BBC that the refinery would not depend exclusively on crude oil produced within the region.

“Refineries get crude oil from the market. And the market is open,” he said.

Mr Dangote also defended the choice of location, citing Singapore as an example of a country that has developed a substantial refining industry despite having no domestic crude oil production.

“Singapore doesn’t produce a single drop of oil, yet they have a lot of refineries,” he said.

The refinery will also feature a 1,000-megawatt power plant designed to provide electricity for its operations and support other industries expected to emerge in the area.

Mr Dangote has identified unreliable electricity supply as a major obstacle to industrialisation in Africa, particularly in resource-rich countries that export raw materials instead of processing them locally.

READ ALSO: Dangote Refinery a masterpiece of science, engineering, art – Kenyan President

The Nigerian industrialist has about $50 billion worth of projects in the pipeline, including plans to develop 10,000 megawatts of power generation capacity across Africa by 2030, with the possibility of doubling the target depending on demand.

The proposed Lamu power plant is expected to support the refinery’s operations while providing electricity for other industrial activities in the region.

The Lamu project comes as Mr Dangote expands his investments across Africa, following the commissioning of his 650,000-barrel-per-day refinery in Lagos, which can supply petroleum products to domestic and international markets.

The proposed Kenyan refinery is also expected to reduce the region’s dependence on imported petroleum products. East African countries currently rely heavily on fuel imports, much of which comes from the Middle East, exposing them to global supply disruptions and fluctuations in crude oil prices.

The refinery’s development, however, still depends on resolving land acquisition disputes, compensation concerns, and environmental issues raised by affected communities and campaigners.


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CIIN Cements Institutional Partnership with Insurance Meets Tech for 5th Edition

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BY NKECHI NAECHE-ESEZOBOR —The Chartered Insurance Institute of Nigeria (CIIN) has extended its partnership with Insurance Meets Tech (IMT), lending its professional support to the fifth edition of the annual insurance and technology conference, scheduled to be held on Friday, November 20, 2026, at the Balmoral Event Centre, Sheraton Hotel, Ikeja, Lagos.

This, partnership reflects both institutions’ shared commitment to advancing meaningful conversations on innovation, professional development, and the future of insurance in Nigeria, while strengthening the connection between the insurance profession and the wider technology ecosystem.

This milestone year, the 5th edition, under the theme “Building Insurance That Connects,” will convene insurance professionals, technology leaders, regulators, innovators, entrepreneurs, investors, and other stakeholders to examine how technology, collaboration, and new ideas can help create a more connected, accessible, and responsive insurance industry.

Speaking on the partnership, Mr. Akinjide Orimolade, President/Chairman of Council, CIIN, said, “As the industry continues to evolve, we must ensure that innovation is matched by competence, professionalism and a clear understanding of the customer we ultimately serve. This is why CIIN continues to lend its full support to platforms such as IMT provides an important space for the insurance community to have honest conversations, challenge old assumptions, and collectively consider what a more connected, technology-driven, and future-ready industry should look like. Our partnership with IMT for this edition is a reaffirmation of that commitment, and we are confident this year’s conversations will move the industry closer to the innovative future we all envision”

Also, Odion Aleobua, Founder/Convener of IMT and Chief Executive Officer, Creato Urban, stated, “CIIN’s continued institutional support speaks to the credibility this platform has built over the years. It reflects an industry that recognises IMT as more than an event, but as a genuine driver of change within the insurance and technology space. This partnership strengthens our ability to convene the right stakeholders, drive the right conversations, and deliver solutions for an industry that must keep evolving. As we approach the 5th edition, our commitment remains to position IMT as a trusted platform where the future of insurance in Nigeria is actively shaped.”

Over the past four editions, IMT has established itself as a platform for dialogue between the insurance and technology sectors, bringing together industry leaders and emerging innovators to examine technology’s role in shaping the future of insurance.

This edition will build on that foundation with high-level panel discussions, keynote sessions, technology showcases, and networking opportunities focused on digital transformation, emerging technologies, professional development, customer experience, and the broader evolution of the insurance ecosystem.

About Insurance Meets Tech (IMT)

IMT is West Africa’s leading annual insurance and technology conference, dedicated to promoting collaboration between the insurance industry and the technology ecosystem. Through conferences, thought leadership, networking, and strategic partnerships, IMT serves as a gateway for digital transformation, industry growth, and customer-centric innovation within the insurance sector.Qw

The post CIIN Cements Institutional Partnership with Insurance Meets Tech for 5th Edition appeared first on Business Today NG.

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