Aliko Dangote

Here's some of the other stories we've been following across the region this week.

Billionaire investor Aliko Dangote said a court order directing his company to hold off building a $16 billion oil refinery in the Kenyan coastal town of Lamu won't derail the project as the nation's government unveiled plans for a new port in the area.

And Ethiopia is planning to withdraw thousands of troops from neighboring Somalia as escalating fighting at home forces Prime Minister Abiy Ahmed's government to redirect military resources toward a widening conflict with rebel groups.

And you can follow these stories across Bloomberg, including the next African newsletter.

So the court did not stop the activity.

The court said, well, do go and, do go and do your consu- and, and run some consulting and make sure that nobody's rights are violated, but they did not stop the project, and that's why Aliko Dangote is going ahead.

Groundbreaking ceremony and just for those who might have missed it, already the man has got a refinery, seven ... 650 barrels a day in Nigeria, and he is extending that to East Africa in partnership with the governments of East Africa, including Tanzania, Kenya, Uganda, and I think Rwanda is involved in there.

So it's a refinery that's gonna at least beneficiate and try and make the East African region the net exporter of refined crude rather ...

Because it's those problems that we have everywhere in Nigeria, solving them.

I was impressed when I heard, um, uh, Aliko Dangote say he's going to power.

What just struck me when I read it, what just struck me is that this man keeps going into those areas where problems are being solved, and maybe only nationals or countries and states, and maybe the Sahara groups of this world are the ones that can solve those problems, right? But he keeps going and announcing areas- That require solution.

And bringing it down, there are opportunities everywhere.

The wealthiest Black man in the world is in South Africa, for those of you who don't know.

Dangote.

Yes.

And he just made a statement that 30% of his wealth he's given away to charity and the non-profits.

He's in Ghana as part of the legacy project at the Accra Legacy Week, which seeks to celebrate his contributions to African cinema, storytelling, and culture while preserving his experiences for future generations.

And to some foreign updates, Nigerian billionaire Aliko Dangote and Kenya's President William Ruto are set to break ground on $160 billion oil refinery on Kenya's northern coast.

Upon completion, the refinery is expected to process 700,000 barrels of crude oil a day, making it East Africa's largest industrial project by capacity.

Ahead of the launch, some local resident took to the street to demand more compensation for land used for the refinery.

Speaking to BBC, Dangote, who is Africa's richest man, dismissed the protest as games played by local marketers and international players, insisting the refinery will go ahead and will be ready by 2030 as planned.

The refinery is set to become the only one in East Africa and is Kenya's largest infrastructure project since independence, surpassing 5.1 billion Standard Gauge Railway.

In his interview with BBC's Focus on African program, Dangote disputed the compensation claim and said the company took only the portion of land it needed from what the government made available.

Walid Ali, co-founder of the Save Lamu Campaign Group, told BBC they are concerned about environmental impact the project could have on local community.

Dangote Refinery is something that most Nigerians agree is useful to them.

So do we have a tax regime that supports not only Aliko Dangote's refinery, but supports similar activity? There are things we don't like.

Do we have-- One of the things I don't like, I don't know whether you like it, is I was gonna make it my pet peeve.

I might still make it my pet peeve.

They create that perception that they are not making money.

Because come to think about it, do you know what it means to be building refineries all over Africa? Do you know what it means to be building cement companies all over Africa? Right now, Dan Gote basically controls Africa.

He's the most powerful man in Africa at the moment.

And rightly so, he's milking every opportunity.

A new $16 billion oil refinery is under construction in northern Kenya despite protests from locals.

It's being funded by billionaire Aliko Dangote, who CNN says dismissed the protests as international players in disguise.

Let's get a look at your money at this moment.

The Dow is down 254 points at this hour.