Business mogul Femi Otedola has revealed that he sold his stake in Geregu Power Plc to position himself for investment in the proposed initial public offering of the Dangote Petroleum Refinery, which he described as a game-changing project for Africa’s industrial future.
Otedola made the disclosure during a visit by the board and management of FirstHoldCo to the 650,000 barrels-per-day refinery and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos.
During a tour of the facility, the Chairman of FirstHoldCo appealed to Aliko Dangote, President of the Dangote Group, to allocate him $100 million worth of shares in the refinery’s proposed listing.
“He is a genius and one of the greatest men to emerge from Africa. What he has achieved is helping to liberate the continent from economic dependency and import reliance,” Otedola said.
“I have visited this refinery more than 25 times, and I have consistently appealed for $100 million worth of shares during the private placement. That informed my decision to sell my stake in Geregu so I can reinvest in the Dangote Petroleum Refinery.”
Otedola also expressed confidence in the group’s planned expansion of refining capacity to 1.4 million barrels per day, noting that rising demand for refined petroleum products across Africa justifies further investment in local refining infrastructure.
In his remarks, Dangote said the refinery’s IPO would allow ordinary Nigerians and Africans to participate in the wealth being created by the project.
“We want ordinary Africans to participate in the value being created. What companies like Amazon and Apple achieved globally in terms of wealth creation is what we seek to replicate in Africa. We want people to invest, grow with us, and share in the prosperity,” he said.
Dangote further disclosed plans for a proposed 700,000 barrels-per-day refinery in East Africa, alongside polypropylene and base oil production facilities. According to him, the project could begin within the next three to four years once construction starts.
He noted that the initiative was not originally included in the group’s Vision 2030 strategy, adding that the conglomerate was already exceeding its long-term growth projections.
Dangote also highlighted the group’s dominance across its core sectors, including cement operations in 11 African countries, as well as major investments in refining, petrochemicals and fertiliser production
According to him, cement production capacity has risen to 55 million tonnes annually, supported by clinker export terminals designed to strengthen regional trade.
“We have built businesses that address Africa’s critical needs and create long-term value for the continent. Africa must stop exporting raw materials and importing finished goods. That amounts to exporting jobs and importing poverty,” Dangote added.
Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, described the refinery as a symbol of vision, courage and industrial ambition capable of inspiring transformative investments across Africa.
“If you see this refinery and realise that an individual conceived and delivered a project of this magnitude, already helping to stabilise energy supply across Africa, you cannot help but be inspired,” Alebiosu said.
Dangote added that investor interest in the refinery’s planned listing on the Nigerian Exchange remained extremely strong, with demand for the private placement already surpassing $2 billion.
“There is significant interest in both the IPO and the private placement. While we are not able to meet all requests, the strong demand reflects investors’ confidence in the refinery and in Africa’s industrial future,” he stated.
