FEMI Otedola, chairman of First HoldCo, has revealed plans to invest $100 million in the Dangote Refinery.
News Point Nigeria reprots that Otedola made the announcement on Wednesday after leading top executives of First HoldCo on a visit to the refinery.
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The development comes barely a week after the billionaire businessman denied reports claiming he funded the Dangote Petroleum Refinery project.
At the time, Otedola clarified in a post on X that he had not invested any money in the refinery, insisting that he had not contributed “a single kobo, dollar, or naira” to the project.
The Dangote Group had also dismissed reports suggesting that prominent Nigerian business figures provided personal loans for the construction of the refinery.
However, following his latest visit to the facility, Otedola expressed interest in the refinery’s upcoming public offering and disclosed that he had requested a special allocation as part of his planned investment.
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“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.
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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.
