Femi Otedola has disclosed that he sold his stake in Geregu Power Plc to position himself for investment in the proposed initial public offering of Dangote Petroleum Refinery, describing the facility as a transformative industrial project capable of reducing Africa’s dependence on imported petroleum products.
Otedola made the disclosure during a visit by the board and management of FirstHoldCo to the 650,000-barrel-per-day refinery and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos.
During a tour of the refinery, the Chairman of FirstHoldCo appealed to the President of Dangote Group, Aliko Dangote, to allocate $100m worth of shares to him in the proposed listing of the refinery.
“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.
“I have visited this refinery more than 25 times, and I have consistently appealed for $100m 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,” he said.
Otedola also expressed confidence in the group’s planned expansion of refining capacity to 1.4 million barrels per day, noting that Africa’s growing demand for refined petroleum products supports further investment in domestic refining infrastructure.
In his remarks, Dangote assured that the refinery’s IPO would be broadly inclusive, enabling ordinary Nigerians to become part-owners and benefit from the value being created.
“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,” Dangote stated.
Dangote further disclosed plans for a proposed East Africa refinery with a projected capacity of 700,000 barrels per day, alongside polypropylene and base oil production facilities. According to him, the project could commence within the next three to four years once construction begins.
He noted that the initiative was not originally captured in the group’s Vision 2030 strategy, underscoring the company’s trajectory towards exceeding its long-term growth targets.
Dangote also highlighted the group’s sustained leadership across its core businesses over the past five years, including cement operations in 11 African countries, alongside significant investments in refining, petrochemicals, and fertiliser production.
He stated that cement capacity had expanded to 55 million tonnes per annum, supported by the development of clinker export terminals aimed at strengthening 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,” he added.
Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, described the refinery as a symbol of vision, courage, and industrial ambition capable of inspiring similar 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.
“We have delegates here from the United Kingdom and several African countries who will return home with renewed commitment to building industries that can transform their economies. It is about building Africa together,” Alebiosu said.
Dangote added that investor appetite for the refinery’s listing on the Nigerian Exchange had remained exceptionally strong, with demand for the private placement already exceeding $2bn.
“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 noted.
