Otedola to invest $100m in Dangote refinery

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Dangote and Otedola

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By Providence Ayanfeoluwa with agency report

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The Chairman of First HoldCo, Femi Otedola, has announced plans to invest $100 million in Dangote refinery.

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He revealed his plans on Wednesday after leading top executives of First HoldCo to Dangote refinery.

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Otedola’s planned investment is part of the $2 billion private placement Dangote refinery is targeting from private investors ahead of the initial public offering (IPO), which has no date yet.

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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.

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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.

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On May 12, Bloomberg reported that the billionaire is reportedly aiming for a valuation of up to $50 billion for Dangote refinery.

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On his part, Aliko Dangote, president of the Dangote Group, says the company is targeting a private placement of about $2 billion for the refinery.

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The private placement is the latest announcement in the refinery’s Initial Public Offering plan, IPO expected later in the year.

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Recall that Dangote is reportedly targeting a valuation of up to $50 billion for his refinery business ahead of the planned IPO.

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In 2025, Dangote said the refinery could sell up to 10 percent stake in the listing, which Bloomberg valued to be about $5 billion.

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While the actual date for the IPO is yet to be announced, Dangote refinery is expected to conduct the public listing later this year.

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Dangote is planning a cross-border listing, which he said will enable Africans to finance the continent’s industrialisation.

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Dangote announced the target when Femi Otedola, chairman of First HoldCo, visited the refinery and Otedola led top executives of First HoldCo on a tour of the refinery and the fertiliser plans in the Lekki free trade zone area.
The team also visited key project sites such as the jetty, a facility built by Dangote industries to receive large vessels.

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