Nigerian billionaire and investor, Femi Otedola, has pledged $100 million for a stake in the Dangote Petroleum Refinery through its ongoing private placement, as the $20 billion project prepares for an initial public offering (IPO).
Otedola, Chairman of First HoldCo Plc, made the announcement on Wednesday during a high-profile visit to the 650,000 barrels-per-day refinery in the Lekki Free Trade Zone, Lagos.
He was accompanied by senior executives from First HoldCo and hosted by Africa’s richest man, Aliko Dangote.
Speaking at the facility, Otedola revealed he had personally appealed to Dangote for the allocation, citing his long-standing association with the project.
“On a personal note, I have appealed to him. 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,” Otedola said.
He further disclosed that he sold his stake in Geregu Power Plc to fund the investment, signalling a major portfolio reallocation toward the refinery ahead of its much-anticipated initial public offering (IPO).
The $100 million commitment is part of a targeted $2 billion private placement from private investors before the refinery lists on the stock exchange.
No firm date has been set for the IPO, though expectations are high for a listing later in 2026.
This marks a notable reversal for Otedola, who just weeks earlier publicly denied any financial involvement in the refinery, clarifying that he had not contributed “not a kobo, not a dollar” to its development.
The Dangote Refinery, estimated to have cost around $20 billion, is one of Africa’s largest industrial projects.
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