May 21, (THEWILL) — Billionaire businessman and philanthropist, Femi Otedola, has revealed plans to invest $100 million in the forthcoming Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals, further signalling growing investor confidence in the mega refinery project.
Otedola disclosed this during a visit to the refinery complex in Ibeju-Lekki, Lagos, on Wednesday, where he led the board and senior executives of First Holdco Plc and its subsidiaries on a strategic tour of the facility.
Speaking with journalists after the visit, the Chairman of First Holdco said his planned investment was one of the major reasons behind his recent divestment from Geregu Power Plc.
He praised Aliko Dangote for his contributions to industrialisation across Africa, describing him as “a colossus” and “one of the greatest men to come out of Africa.”
According to Otedola, the visit was aimed at learning from Dangote’s vision and leadership. He noted that he had accompanied Dangote to six African countries for the commissioning of cement plants and described the refinery project as transformative for Nigeria and the continent.
“On a personal note, I’ve appealed to him; I have been here with him 25 times. My compensation is that he is going to allocate to me shares worth $100 million in the private placement”, Otedola said.
The proposed investment forms part of the refinery’s planned $2 billion private placement ahead of its anticipated IPO launch in September 2026.
Dangote disclosed that investor demand had already reached billions of dollars before the official offer opens, adding that the IPO is designed to encourage broad public participation and expand local ownership in the refinery.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
