KEY POINTS
- Femi Otedola expressed interest in investing $100 million in the Dangote Refinery IPO through private placement.
- Aliko Dangote assured that the IPO will be open to Nigerians and African investors, including retail participants.
- The refinery plans major expansion projects aimed at boosting refining capacity across Africa.
Chairman of FirstHoldCo, Femi Otedola, has expressed interest in acquiring $100 million worth of shares in the proposed Initial Public Offering (IPO) of the Dangote Petroleum Refinery and Petrochemicals.
Otedola made the appeal during a visit by FirstHoldCo’s leadership team to the refinery and fertiliser complex located in Ibeju-Lekki, Lagos State, where he directly requested allocation of shares from the refinery’s planned private placement.
He described the opportunity as a major industrial investment that could reshape Africa’s energy and manufacturing landscape.
Femi Otedola revealed that he deliberately sold his stake in Geregu Power Plc in preparation for reinvestment into the Dangote Refinery IPO.
According to him, the decision was driven by confidence in the refinery’s long-term industrial and economic value, especially its role in reducing Africa’s dependence on imported refined petroleum products.
He explained that his repeated visits to the facility, reportedly over 25 times, strengthened his conviction in the project’s scale and potential.
Otedola also praised the refinery as a transformative project capable of supporting Africa’s economic independence and industrial growth.
Dangote assures inclusive IPO for Nigerians and African investors
President of the Dangote Group, Aliko Dangote, assured that the upcoming IPO of the refinery would be open and inclusive, allowing ordinary Nigerians and African investors to participate in ownership.
He stated that the goal of the listing is to democratise investment opportunities and enable wider public participation in one of Africa’s largest industrial assets.
Aliko Dangote explained that the refinery’s value creation model is designed to mirror global technology giants in terms of wealth distribution and investor participation, enabling both institutional and retail investors to benefit.
Dangote added that the company aims to ensure that Africans become active stakeholders in major industrial infrastructure across the continent.
During the engagement, Aliko Dangote disclosed expansion plans that include scaling the refinery’s capacity to 1.4 million barrels per day.
He also revealed proposed projects beyond Nigeria, including a new East Africa refinery with an estimated capacity of 700,000 barrels per day, alongside petrochemical expansion into polypropylene and base oil production.
According to him, these projects are expected to strengthen Africa’s energy independence and industrial base over the next few years, with construction timelines projected within a three- to four-year horizon.
The expansion strategy reflects the group’s broader ambition to exceed its long-term Vision 2030 industrial targets.
Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, alongside other FirstHoldCo executives, commended the Dangote Refinery project, describing it as a landmark achievement in Africa’s industrial development.
The delegation highlighted the refinery as a symbol of vision, scale, and economic ambition, noting its potential to inspire similar large-scale investments across the continent.
They also praised the project’s role in strengthening local refining capacity and reducing dependence on imported petroleum products, positioning it as a key driver of long-term economic transformation in Africa.
