Manny Ita –
Billionaire investor Femi Otedola has disclosed plans to invest about $100 million in the upcoming initial public offering (IPO) of the Dangote Petroleum Refinery, signaling renewed confidence in the project’s long-term prospects.
Otedola made the disclosure during a visit to the refinery complex in Ibeju-Lekki, Lagos, alongside the board and executives of First HoldCo Plc. He noted that the planned investment aligns with his broader shift in strategy, which includes divesting from Geregu Power Plc to focus on the refinery opportunity.
According to him, the Dangote Refinery represents a major industrial milestone for Nigeria and Africa, praising its scale and potential impact on energy supply and economic independence across the continent. He described the refinery’s chairman, Aliko Dangote, as a transformative figure in African industrial development.
Otedola explained that the investment would come through a private placement linked to the refinery’s capital raise ahead of its anticipated IPO. He added that strong demand from investors has already built up ahead of the listing, with billions of dollars reportedly committed in interest.
The refinery’s leadership also confirmed that preparations for the IPO are underway, with a possible launch targeted for September 2026. The listing is expected to broaden public ownership of the refinery and attract both institutional and retail investors.
Dangote has previously stated that the refinery has already drawn significant investor interest, far exceeding initial expectations, and is structured to support wider participation in its equity offering.
Otedola also reiterated earlier projections that improved local fuel production could strengthen Nigeria’s currency outlook by reducing dependence on imported petroleum products, while boosting foreign exchange stability over time.
