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EP 099
The $16B Refinery: Who.
EP 099 · 27 min · 14 Oct 2026

The $16B Refinery: Who Really Takes The Risk?

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Show notes

On this episode of Admin Access, Dominic and Evans unpack Aliko Dangote’s $16 billion refinery in Lamu, where ground was broken on 30 September with Kenya’s president and several regional leaders in attendance. Dominic separates it from Dangote’s IPO, which relates to the existing Lagos refinery, and frames the Lamu project around three questions nobody has fully answered: whose oil, whose money, and what is in the contract. Dominic walks through a refinery planned for 700,000 barrels a day, alongside a 1,000 megawatt power plant sending half its output to the Kenyan grid. Evans asks why Kenya and not Tanga, and the pair dig into the crude supply problem: Turkana’s projected output, far larger than the operator’s first-phase figure, the missing pipeline to Lamu, Uganda’s crude tied to the pipeline to Tanga, and a rival refinery plan on the Tanzanian coast. With Kenya using about 116,000 barrels a day and the wider region roughly 450,000, Dominic argues the refinery is built for a market much larger than the one it sits in, which raises questions about exports, fuel imports and protection for local refining. They also look at a project reportedly funded about 70% by debt, Kenya’s proposed stake coming from the new National Infrastructure Fund seeded by the Kenya Pipeline IPO and the Safaricom stake sale, and Uganda’s quiet bet through its own stake in Kenya Pipeline, which Dominic reads as Museveni hedging whichever way Tanga goes. Evans pushes back on the idea that business confidentiality should apply when governments are involved, and Dominic points to the Adani deal that collapsed after its details leaked, and to the court cases already underway. The episode wraps with the bigger question of energy independence. They agree the refinery brings jobs and power, and Dominic calls it an energy upgrade that leaves the independence question open. They split on demand: Dominic expects electric vehicles to take a significant share of the road within a decade, while Evans leans on the Lindy effect and expects things that already exist to keep existing.