LAGOS, May 21 – Nigerian billionaire Femi Otedola said he plans to invest $100 million in the upcoming initial public offering of Dangote Petroleum Refinery and Petrochemicals as investor demand for the landmark transaction continues to strengthen.
Otedola disclosed the planned investment during a visit to the refinery complex in Ibeju-Lekki, Lagos, alongside board members and senior executives of First HoldCo and its subsidiaries.
The billionaire investor, who chairs First HoldCo, said the investment decision partly influenced his exit from Geregu Power. Speaking after a tour of the refinery, Otedola praised Aliko Dangote for building one of Africa’s most significant industrial projects.
He described Dangote as “a colossus” and credited him with helping reshape industrial development across Nigeria and the continent.
Otedola said he had visited several African countries alongside Dangote during the commissioning of cement plants owned by Dangote Group.
According to Otedola, his planned $100 million investment will be allocated through the refinery’s private placement ahead of the public offering.
The investment forms part of a broader $2 billion private placement currently being targeted by the refinery before the planned IPO launch.
Earlier, Dangote said the refinery aims to launch its IPO in September following what he described as overwhelming investor demand.
He disclosed that requests from investors interested in participating in the private placement had already approached $2 billion even before the formal offering process begins.
Dangote added that the IPO is structured to broaden public ownership and allow more Nigerians and African investors to participate in the refinery’s future growth.
The Dangote Refinery, located in the Lekki Free Zone in Lagos, has refining capacity of 650,000 barrels per day, making it Africa’s largest single-train refinery.
The facility began large-scale production of diesel, aviation fuel and petrol in 2024 after years of construction and investment estimated at around $20 billion.
The refinery has become increasingly central to Nigeria’s energy supply chain as the country seeks to reduce dependence on imported petroleum products and strengthen local refining capacity.
Industry reports indicate the refinery could eventually be valued at as much as $50 billion, potentially making the IPO one of the largest capital market transactions in African history.