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Dangote, Zenith Bank to invest in Kenya as it offers 46 oil blocks to Nigerians

By The Rainbow


Kenya has offered interested Nigerians its 46 newly-discovered oil blocks for development, with three Nigerian businesses making commitments to invest in the East African country.

Minister of Petroleum Resources Diezani Alison-Madueke, while addressing reporters at the weekend in Nairobi, Kenya, said that the  offer was part of the outcome of the dialogue preceding the Nigeria-Kenya Investment Forum held on Friday in Kenya.

According to her, Kenya also sought Nigeria's assistance in the formulation of right policies and framework to manage the sector.

Mrs Alison-Madueke said,  'It is well-known that Kenya recently discovered hydo-carbon reserves and is keen to move aggressively in terms of exploration activities.

'The Kenyans feel that as a sister African country, Nigeria, having many years of oil exploration and production, it only makes sense that we exchange agreement in cooperation to hand over knowledge, capabilities and experience learnt.

'They seek the templates we have formulated, including policies, processes and a sort of templates that form the Petroleum Industry Bill, among others.'

She went on: 'We also looked at the areas surrounding Nigeria's investments possibilities where we think Nigerian businessmen and women could come into the oil and gas sector in Kenya.

'They are very keen that Nigerian operators in the upstream, midstream and downstream service sectors of the oil and gas industry look to Kenya as a burgeoning frontier for investments in the oil and gas sector.

'They are also very keen that we support them in setting up the right framework, policies and processes and technology to help them drive the exploration activities.'

Among the seven Memoranda of Understanding and Bilateral Agreements signed by both countries, she said, included oil and gas, which spelt out details of the co-operations.

Meanwhile, Dangote Cement, Zenith Banks Plc, and Quits Aviation along with its global partner, Execujet, have expressed their desire to invest in Kenya.

Alhaji Aliko Dangote, Africa's richest man was said to have committed $400 million (N64 billion) to build a cement factory in the East African country, while the founder of Zenith Bank Plc, Mr. Jim Ovia promised that his bank would establish its presence in Kenya.

Similarly, the Chairman/CEO of Quits Aviation and Execujet, Mr. Sam Iwuajoku, also made a commitment to establish an aircraft hangar and FBO services to cater to business jet in the East African region. Iwuajoku runs a private hangar and Fixed Based Operation (FBO) at the Murtala Muhammed International Airport (MMIA) in Lagos.  All three business chiefs were part of  the president’s delegation to the East African country.

Other members of Jonathan’s delegation included Governor Peter Obi of Anambra State, Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, Minister of Culture and Tourism, Chief Edem Duke, Minister of Internal Affairs, Mr. Abba Moro and Chairman Senate Committee for Aviation, Senator Hope Uzodimma.