Femi Otedola, chairman of First HoldCo, has revealed he will invest $100 million in Dangote refinery.
He announced his plans on Wednesday after leading top
executives of First HoldCo to Dangote 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 (IPO), which has no date yet.
“From on a personal note, I’ve appealed to him (Aliko
Dangote). 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,” the
billionaire said.
“That’s one of the reasons why I sold my stake in Geregu
plant to come and invest my proceeds in the IPO of Dangote refinery.”
Dangote, on October 22, 2025, said the refinery could sell
up to 10 percent stake in the listing, which Bloomberg valued to be about $5
billion.
The billionaire is planning to make the IPO a cross-border
listing to enable the refinery 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
reportedly aiming for a valuation of up to $50 billion for Dangote refinery.
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