Good Monday morning from The Kenyan Wall Street.

These are the stories in today’s newsletter edition…

Dangote Pitches Camp in East Africa for His Next Big Play

By Morris Kiruga

Over the last month, Africa’s richest man, Aliko Dangote, has been a constant presence in East Africa. In the last week, he has visited and met the leaders of Kenya, Tanzania, Ethiopia, and Uganda. 

Flush with a healthy balance sheet, an ambitious plan to grow revenue to US$ 100bn, and heightened demand for refined products from his refinery in Nigeria, the major focus has been on the possibility of a similar, US$17bn refinery somewhere along the East African coast.

Since late April, Dangote has switched the probable location from Tanga in Tanzania and Mombasa in Kenya, but his conglomerate’s interests in the region go far beyond that. 

In a meeting with Tanzania’s President Samia Suluhu in State House Dar es Salaam on May 16th, Dangote properly pitched the idea of an East African refinery. Samia had taken affront after Kenya’s President William Ruto and Uganda’s president Yoweri Museveni announced plans for a refinery to be situated in her country, while on a panel with Dangote at an event in Nairobi in late April. A few days later, Dangote appeared to pit Kenya and Tanzania against each other, telling the Financial Times that his preference was switching the refinery to Mombasa. 

In Dar es Salaam, the tone shifted to leaving the decision to technical assessments and feasibility assessments, perhaps to give the region time to settle boardroom squabbles. In addition to the location question, pre-project assessments will also need to focus on the more critical supply question, as the region currently doesn’t produce enough oil to match the a similar refinery to the Nigerian one’s needs. That might explain why the next day, Sunday May 17th, Dangote travelled to Kampala to meet President Museveni, as Uganda is doubling down on building its own refinery in Hoima but is also supporting the idea of a coastal, regional refinery as well. 

Between the two visits, Dangote headed to Ethiopia, where his company is building a US$4bn fertiliser plant that has grown in scope to include a pipeline and a 120MWpower plant. In both Tanzania and Ethiopia, the Nigerian already has a significant presence in cement, and by necessity, power production, as well as growing interests in other industrial sectors. Dangote’s listed cement company runs Tanzania’s largest cement factory, and the subsidiary has applied for a license to build a 75MW power plant for its operations.

Dangote’s presence in Kenya is currently limited to secondary investments in tours company Pollman’s, restaurant chain Java House, among others. While he has a cement subsidiary registered in Kenya, no construction plans have been announced. Nairobi’s major play at the moment seems to be its place as the region’s financial hub, which has brought it to the fore as part of plans for a pan-African IPO for the Dangote refinery.

Stay up to date on this and more here >>>>>

Why Bolt’s Electric Motorbike Category is Booming

By Brian Nzomo

As fuel prices rise due to geopolitical crisis, Kenya’s boda boda economy is quietly rewiring itself around a different energy logic. Ride-hailing platform Bolt says electric motorcycles are gaining ground fast, with more than 3,500 units financed through M-KOPA since 2024 and now dominating its ride-hailing fleet.

The appeal is less ideological than arithmetic: riders are saving hundreds of shillings a day, even as global oil disruptions and tax-heavy fuel pricing keep petrol costs stubbornly high.

Read the full article here >>>>>

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