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Africa’s richest man firms up plans for investment in Kenya

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Arica’s richest man Aliko Dangote has revealed he is in talks about buying into a company with operations in Kenya and Tanzania.

In an interview with Bloomberg on the sidelines of the New Economy Forum in Singapore, the tycoon, who previously said he put on hold plans to venture into the country following demands for kickbacks that shocked him, however, did not reveal the firm his Dangote Industries is interested in.

Speaking on a local FM station, Citizen TV anchor Jeff Koinange, a close friend of Dangote since his days as a CNN correspondent, revealed him the billionaire whose net worth is estimated by Forbes at $14.1billion ( Ksh 1.4 trillion) shelved his bribes after top officials put greed and personal interest ahead of national interest.

“I asked him, ‘Al Hajj when are you coming back to Kenya?’ and he said ‘Jeff, there are people in that place (Kenya) who put greed and personal interest ahead of national interest. I didn’t think Kenya would be more corrupt that Nigeria,” Koinange narrated on air.

Koinange had met Dangote when he attended the tycoon’s daughter’s wedding in Nigeria in March.

There had been reports that Dangote, who was part of a big delegation that accompanied then President Goodluck Jonathan during his State Visit to Kenya, was interested in setting up a cement factory worth Ksh 100 billion in the country.

The company had already acquired a licence to prospect for limestone in Kitui and incorporated two majority-owned subsidiaries to house its local limestone mining and cement production operations.

It took up a 90% stake in Dangote Cement Kenya Limited and a similar stake in Dangote Quarries Kenya Limited. Some local shareholders own the other 10% in both companies. 

The company, a subsidiary of Dangote Industries, which was founded by Dangote in 1981, already has a cement factory in Mtwara, Tanzania. The investment plans were late rescheduled to 2021.

Apart from cement manufacturing an shareholding, Dangote Industries is also a key player in the manufacturing, refining and distribution of sugar, flour and semolina, pasta, salt, stock seasoning cubes, crude oil, petrochemicals, fertilizer and packaging materials. Other portfolios include port logistics, real estate, food and beverages.

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BT Reporter
BT Reporterhttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke
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