Femi Otedola, chairman of First HoldCo, has revealed he will invest $100 million in Dangote refinery, announcing his plans on Wednesday after leading top executives of First HoldCo to the refinery. 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, which has no date yet.
The billionaire said on a personal note, he has appealed to Aliko Dangote, and he has been at the refinery with him 25 times, so his compensation is that Dangote will allocate to him shares worth $100 million in the private placement. Otedola added that it is one of the reasons why he sold his stake in the Geregu plant to come and invest his proceeds in the IPO of Dangote refinery.
Dangote, on October 22, 2025, said the refinery could sell up to ten percent stake in the listing, which Bloomberg valued at about $5 billion. The billionaire is planning to make the IPO a cross border listing to enable the refinery to 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 aiming for a valuation of up to $50 billion for the Dangote refinery.
The IPO is expected to be one of the largest in African history.
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