Billionaire businessman and philantropist, Femi Otedola, has hinted at plans to invest $100 million in the upcoming Initial Public Offer (IPO) of the Dangote Petroleum Refinery and Petrochemicals.
This was made known by Otedola when he led the board and top executives of First Holdco Plc and its subsidiaries on a visit to the refinery complex at Ibeju-Lekki, Lagos, on Wednesday, May 20, 2026.
Otedola, who is also the Chairman of First Holdco, noted that this investment plan is one of the reasons he divested from the power-generating firm, Geregu Power Plc.
What he is saying
While answering questions from journalists after a tour of the refinery, Otedola, praised the Chairman of the Dangote Group, Aliko Dangote, for what he has done in Africa, adding that he has been to six countries with him to commission cement plants.
Giving reasons for the visit, Otedola said he asked Dangote, ‘’Can we visit, come for a retreat and tap from your vision and has been very insightful, really thought-provoking. I wish Alhaji Aliko [Dangote], who is a colossus, a genius, probably one of the greatest men that has come out of Africa, for delivering us out of economic slavery in Nigeria and by extension Africa.
‘’I have no doubt in my mind, I’ve seen what he’s done in Africa. I’ve been to six countries to commission his cement plants. Very remarkable.
‘’On a personal note, I’ve appealed to him; I have been here with him 25 times. So, my compensation is that he is going to allocate to me shares worth $100 million in the private placement. That is one of the reasons why I sold my stake in Geregu plant to come and invest my proceeds in the IPO of the Dangote Refinery.’’
More insight
The planned investment by Otedola is part of the $2 billion private placement being targeted by Dangote Refinery from private investors ahead of the upcoming IPO.
The Dangote Group had stated that the visit by the First Holdco team reflects the growing alignment between Africa’s industrial and financial leadership around a shared belief that the continent’s future must be built on production, infrastructure, energy security, and long-term investment in African capacity.
Aliko Dangote had said at the event that the Dangote Refinery is targeting a September launch for its IPO, following what he described as overwhelming demand by investors running into billions of dollars.
He said investors had already indicated strong interest in the offering before its official launch.
He said, “Right now, when we even say we are going to do private placement, already we have people who have actually requested to buy. And we have an amount of almost $2 billion.
“We are not selling after that, but we’ll see what we can allocate to them. We can see what we can allocate to an IPO.”
He also revealed that the refinery IPO was designed mainly for public participation, with the company targeting wider public ownership.
What you should know
Otedola, had in February 2026, projected that the naira could strengthen to below N1,000 per dollar before the end of the year, citing Dangote Petroleum Refinery’s attainment of full capacity.
He described the feat achieved by the refinery as a key turning point for Nigeria’s foreign exchange outlook.
The billionaire congratulated Africa’s richest man, Aliko Dangote, on what he described as a transformational milestone for Nigeria and the continent.
Otedola noted that the refinery’s capacity to supply up to 75 million litres of Premium Motor Spirit daily could significantly reduce the country’s dependence on imported fuel.
