Business mogul Femi Otedola has disclosed that he divested his stake in Geregu Power Plc to position himself for investment in the proposed public listing of the Dangote Petroleum Refinery.
Otedola made the revelation during a visit by the board and management of FirstHoldCo to the refinery and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos.
During the inspection tour, the chairman of FirstHoldCo praised President of Dangote Group, Aliko Dangote, describing him as a visionary whose investments are reshaping Africa’s industrial landscape and reducing the continent’s dependence on imported fuel.
Otedola said he had repeatedly requested an allocation of $100 million worth of shares in the refinery’s proposed initial public offering.
“I have visited this refinery more than 25 times and consistently appealed for $100 million worth of shares during the private placement. That was the reason I sold my stake in Geregu so I could reinvest in the Dangote Petroleum Refinery,” he said.
He added that the refinery represented a landmark project capable of driving economic independence across Africa through local refining and industrialisation.
Otedola also backed plans by the Dangote Group to expand refining capacity to 1.4 million barrels per day, arguing that rising demand for refined petroleum products across the continent makes additional investment necessary.
In his remarks, Dangote said the proposed IPO would allow ordinary Nigerians and Africans to participate in the wealth creation potential of the refinery.
“We want everyday Africans to become part-owners of this project and share in the prosperity being created. Just as companies like Amazon and Apple created wealth globally, we are building platforms in Africa that people can invest in and grow with,” he stated.
Dangote further disclosed that the group was considering the development of a 700,000 barrels-per-day refinery in East Africa, alongside polypropylene and base oil production plants.
According to him, the proposed project could commence within the next three to four years after construction activities begin.
He explained that the expansion plans were beyond the projections outlined in the company’s Vision 2030 agenda, reflecting the rapid growth trajectory of the group.
Dangote also highlighted the group’s growing footprint in the cement sector across 11 African countries, noting that installed production capacity had reached 55 million tonnes annually.
He said investments in clinker export terminals were also helping to strengthen regional trade and industrial development across the continent.
“Africa cannot continue exporting raw materials while importing finished products. That means exporting employment opportunities and importing poverty,” Dangote said.
Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, described the refinery as a major industrial achievement that could inspire similar large-scale investments across Africa.
According to him, the scale of the refinery demonstrates what is possible when African entrepreneurs pursue ambitious projects capable of transforming economies and improving energy security.
Dangote disclosed that demand from investors for the refinery’s planned listing on the Nigerian Exchange had remained overwhelming, with subscriptions during the private placement already exceeding $2 billion.
“The level of interest in both the IPO and private placement has been remarkable. Although we cannot accommodate every request, the demand reflects strong investor confidence in the refinery and Africa’s industrial future,” he added.
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