By Damilare Adeleye
The Chairman of First HoldCo, Femi Otedola, has hinted at plans to invest $100 million in the Dangote Refinery.
He disclosed this on Wednesday after leading top executives of First HoldCo on a tour of the Lagos-based refinery.
Otedola’s planned investment is part of a $2 billion private placement the Dangote Refinery is targeting from private investors ahead of its initial public offering (IPO), the date of which is yet to be announced.
“On a personal note, I’ve appealed to him (Aliko Dangote). I’ve been here with him 25 times, so my compensation is that he’s going to allocate to me shares worth 100 million dollars in the private placement.”
“That’s one of the reasons why I sold my stake in the Geregu plant—to invest my proceeds in the IPO of the Dangote Refinery,” the billionaire told journalists.
Earlier, the President and Chief Executive of Dangote Industries Limited, Aliko Dangote, hosted Otedola alongside his senior executives at the Dangote Petroleum Refinery & Petrochemicals facility.
In a post on the Dangote Group’s X handle, the company disclosed that the engagement reflected a growing alignment between Africa’s industrial and financial leadership around a shared belief “that the continent’s future must be built on production, infrastructure, energy security, and long-term investment in African capacity.”
“As one of the largest industrial projects on the continent, the Dangote Petroleum Refinery & Petrochemicals stands as a symbol of what is possible when ambition is matched with execution at scale. It continues to attract strategic interest from institutions and business leaders committed to strengthening regional self-sufficiency, driving industrial growth, and reshaping Africa’s economic future from within,” the company added.
On October 22, 2025, Dangote announced that the refinery could sell up to a 10 percent stake in the upcoming listing, which Bloomberg valued at approximately $5 billion.
The billionaire plans to make the IPO a cross-border listing to enable the refinery to draw capital from both domestic and international investors.
According to him, the IPO is designed to democratise wealth creation and give Africans direct access to participate in the continent’s industrial transformation.