Femi Otedola, chairman of First HoldCo, has revealed he will invest $100 million (approximately N137.2bn) in Dangote refinery.…....
He announced his plans on Wednesday after leading top executives of First HoldCo to Dangote refinery.
The development comes days after the billionaire reportedly acquired a luxury mansion for £53 million (approximately N96 billion) in London.
Otedola’s planned investment is part of the $2 billion private placement Dangote refinery is targeting from private investors ahead of the initial public offering (IPO), which has no date yet.
“From on a personal note, I’ve appealed to him (Aliko Dangote). 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,” the billionaire said.
“That’s one of the reasons why I sold my stake in Geregu plant to come and invest my proceeds in the IPO of Dangote refinery.”
Dangote, on October 22, 2025, said the refinery could sell up to 10 percent stake in the listing, which Bloomberg valued to be about $5 billion.
The billionaire is planning to make the IPO a cross-border listing to enable the refinery draw investments from domestic and international investors.
In an earlier report, Dangote said the IPO is designed to democratise wealth creation and give Africans direct access to participate in the continent’s industrial transformation.
On May 12, Bloomberg reported that the billionaire is reportedly aiming for a valuation of up to $50 billion for Dangote refinery.
