Femi Otedola to invest $100 million in Dangote refinery ahead of planned IPO
Femi Otedola, chairman of First HoldCo, has announced plans to invest $100 million in Dangote Refinery as the facility prepares for a future initial public offering (IPO).
Otedola disclosed the move on Wednesday after leading senior executives of First HoldCo on a visit to the refinery.
The investment forms part of the refinery’s ongoing $2 billion private placement aimed at attracting private investors before the IPO, which has yet to be officially scheduled.
Speaking during the visit, Otedola said he had appealed to Aliko Dangote for an allocation in the offering.
“On a personal note, I’ve appealed to him. I’ve been here with him 25 times, so my compensation is he’s going to allocate to me shares worth $100 million in the private placement,” he said.
The billionaire investor added that proceeds from the sale of his stake in Geregu Power Plc would fund the investment.
“That’s one of the reasons why I sold my stake in Geregu plant — to invest the proceeds in the IPO of Dangote refinery,” Otedola stated.
In October 2025, Dangote revealed plans to sell up to 10 percent of the refinery through a cross-border listing designed to attract both domestic and international investors. Bloomberg previously estimated the proposed stake sale could be valued at about $5 billion.
Dangote has also said the planned listing is intended to democratise wealth creation by giving Africans an opportunity to participate directly in the continent’s industrial growth.
Earlier reports by Bloomberg indicated that the businessman is targeting a valuation of up to $50 billion for the refinery.
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