Femi Otedola has announced plans to invest $100 million in Dangote Refinery ahead of the company’s planned initial public offering (IPO).
Otedola announced on Wednesday after visiting the refinery with top executives from First HoldCo, where he serves as chairman.
The businessman said the investment would be part of the refinery’s planned $2 billion private placement.
During the visit, Otedola said he had asked Aliko Dangote to allocate shares worth $100 million to him.
He also explained that he sold his stake in Geregu Power to fund the investment.
According to Otedola, he has visited the refinery many times and believes strongly in the project.
Dangote Refinery Prepares for IPO
The refinery is currently raising funds from private investors before its planned public listing.
Although the official IPO date has not been announced, Dangote had earlier revealed plans to sell up to 10 per cent of the refinery to investors.
Reports in 2025 valued the planned share sale at about $5 billion.
Dangote is also planning a cross-border listing. This would allow both Nigerian and international investors to buy shares in the refinery.
The company said the IPO is meant to give Africans a chance to invest directly in a major industrial project on the continent.
Refinery Valuation Could Hit $50 Billion.
Earlier this month, Bloomberg reported that Dangote is targeting a valuation of up to $50 billion for the refinery.
The refinery remains one of Africa’s largest industrial projects. It has continued to attract attention from investors and business leaders.
The planned IPO is expected to become one of the biggest listings in Africa’s energy sector.
