Chairman of FirstHoldCo, Femi Otedola, has revealed plans to invest $100 million in the proposed Initial Public Offering (IPO) of the Dangote Petroleum Refinery & Petrochemicals, describing the project as a game-changing industrial platform for Africa.
Otedola made the disclosure during a visit by the board and management of First HoldCo Plc to the 650,000 barrels-per-day refinery and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos.
According to him, he sold his stake in Geregu Power Plc to position himself for investment in the refinery’s upcoming public listing.
Praising the President of the Dangote Group, Aliko Dangote, Otedola described him as one of Africa’s greatest industrialists whose achievements are helping to reduce the continent’s dependence on imported petroleum products.
He noted that he had visited the refinery more than 25 times and consistently appealed for an allocation of shares during the private placement phase. Otedola also expressed confidence in the company’s expansion plan to increase refining capacity to 1.4 million barrels per day, saying Africa’s growing energy demand makes additional refining investments necessary.
Speaking during the visit, Dangote assured Nigerians that the refinery’s IPO would allow ordinary citizens to become shareholders and benefit from the company’s growth.
According to him, the Group wants retail investors across Nigeria and Africa to participate in the wealth being created through the refinery.
Dangote said the company hopes to replicate in Africa the kind of wealth creation seen globally through firms such as Amazon and Apple Inc. by giving people the opportunity to invest and grow with the business.
He also disclosed plans for a proposed 700,000 barrels-per-day refinery in East Africa, alongside new polypropylene and base oil production facilities. Dangote said the project could begin within the next three to four years once construction starts.
Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, described the refinery as a symbol of vision, courage and industrial ambition capable of inspiring large-scale investments across the continent.
Dangote further highlighted the Group’s growth across cement, refining, petrochemicals and fertiliser production, noting that its cement operations now span 11 African countries with a production capacity of 55 million tonnes annually.
He stressed that Africa must move away from exporting raw materials while importing finished goods, insisting that such a practice only exports jobs and imports poverty.
Dangote added that investor interest in the refinery’s IPO and private placement has remained extremely strong, revealing that demand for the private placement has already surpassed $2 billion.
