Otedola stakes $100m on Dangote Refinery shares
Chairman of FirstHoldCo, Femi Otedola, has appealed to the President of Dangote Group, Aliko Dangote, to allocate $100 million worth of shares to him in the proposed listing of Dangote Petroleum Refinery & Petrochemicals.
Otedola disclosed that he divested his stake in Geregu Power Plc specifically to position himself for investment in the refinery’s initial public offering (IPO), which he described as a transformative industrial platform capable of reducing Africa’s dependence on imported petroleum products.
He made the remarks during a visit by the FirstHoldCo leadership team to the 650,000 barrels-per-day refinery and Dangote Fertiliser Limited in Ibeju-Lekki, where he commended Dangote for building the world’s largest single-train refinery and advancing Africa’s industrial transformation.
“He is a genius and one of the greatest men to emerge from Africa. What he has achieved is helping to liberate the continent from economic dependency and import reliance,” Otedola said.
“I have visited this refinery more than 25 times, and I have consistently appealed for $100 million worth of shares during the private placement. That informed my decision to sell my stake in Geregu so I can reinvest in the Dangote Petroleum Refinery.”
Otedola also expressed confidence in the Group’s planned expansion of refining capacity to 1.4 million barrels per day, noting that Africa’s growing demand for refined petroleum products supports further investment in domestic refining infrastructure.
In his remarks, Dangote assured that the refinery’s IPO would be broadly inclusive, enabling ordinary Nigerians to become part-owners and benefit from the value being created. He emphasised the Group’s commitment to democratising investment opportunities by opening participation to retail investors across Nigeria and the African continent.
“We want ordinary Africans to participate in the value being created,” Dangote said.“What companies like Amazon and Apple achieved globally in terms of wealth creation is what we seek to replicate in Africa. We want people to invest, grow with us, and share in the prosperity.”
Dangote further disclosed plans for a proposed East Africa refinery with a projected capacity of 700,000 barrels per day, alongside polypropylene and base oil production facilities.
