Femi Otedola, chairman of First HoldCo, has announced plans to invest $100 million in Dangote Refinery as part of the $2 billion private placement the company is pursuing ahead of its initial public offering.
Otedola disclosed the investment on Wednesday during a visit to the refinery with top executives of First HoldCo. He said the move followed personal discussions with Aliko Dangote, noting that he had visited the site 25 times and negotiated for shares worth $100 million in the private placement. The billionaire added that he sold his stake in Geregu Power to reinvest the proceeds in the refinery’s IPO.
Dangote Refinery said on October 22, 2025, that it could offer up to 10 percent of its equity in the listing, a stake Bloomberg valued at about $5 billion. The company is planning a cross-border IPO to attract both domestic and international investors. Earlier, Dangote described the IPO as a move to democratize wealth creation and give Africans direct access to the continent’s industrial growth. In May, Bloomberg reported that the refinery is targeting a valuation of up to $50 billion.
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