Chairman of FirstHoldCo, Femi Otedola, has disclosed plans to invest $100 million in the proposed initial public offering, IPO of the Dangote Petroleum Refinery & Petrochemicals, describing the project as a transformative industrial platform capable of reshaping Africa’s economic future.
Otedola made the disclosure during a visit by the boards and management teams of FirstHoldCo and FirstBank to the 650,000 barrels-per-day refinery and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos.
According to him, he divested his stake in Geregu Power Plc specifically to position himself for participation in the refinery’s public listing, which he said represents one of Africa’s most strategic industrial investments.
“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 while commending President of Dangote Group, Aliko Dangote.
“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,” he added.
Otedola also expressed confidence in the refinery’s planned expansion to 1.4 million barrels per day, noting that Africa’s growing demand for refined petroleum products supports sustained investment in domestic refining infrastructure.
Responding, Dangote assured that the refinery’s IPO would be structured to allow ordinary Nigerians and Africans participate as shareholders in the project.
“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.”
He further disclosed that the Group is considering the development of a 700,000 barrels-per-day refinery in East Africa alongside polypropylene and base oil production facilities, with construction potentially commencing within the next three to four years.
According to Dangote, the new expansion plans were not originally captured in the Group’s Vision 2030 strategy, underscoring the company’s accelerating growth trajectory.
Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, described the refinery as a symbol of industrial ambition capable of inspiring similar large-scale investments across the continent.
“If you see this refinery and realise that an individual conceived and delivered a project of this magnitude, already helping to stabilise energy supply across Africa, you cannot help but be inspired,” Alebiosu said.
“We have delegates here from the United Kingdom and several African countries who will return home with renewed commitment to building industries that can transform their economies. It is about building Africa together,” he added.
Dangote also highlighted the Group’s expansion across Africa, noting that its cement operations now span 11 African countries with total production capacity reaching 55 million tonnes annually. He added that the company has also invested significantly in clinker export terminals to deepen regional trade.
“We have built businesses that address Africa’s critical needs and create long-term value for the continent,” Dangote stated. “Africa must stop exporting raw materials and importing finished goods. That amounts to exporting jobs and importing poverty.”
He further revealed that investor demand for the refinery’s private placement has already exceeded $2 billion, reflecting strong confidence in the project and Africa’s industrial future.
“There is significant interest in both the IPO and the private placement,” Dangote said. “While we are not able to meet all requests, the strong demand reflects investors’ confidence in the refinery and in Africa’s industrial future.”
