Femi Otedola, chairman of First HoldCo, has announced plans to invest $100 million in the upcoming private placement of Dangote Refinery.
Otedola disclosed the investment on Wednesday after leading top executives of First HoldCo on a visit to the refinery. The planned investment forms part of the refinery’s $2 billion private placement ahead of its anticipated initial public offering (IPO), though no listing date has been announced.
Speaking during the visit, Otedola said he appealed to Aliko Dangote for an allocation of shares worth $100 million, describing it as compensation for his longstanding support and frequent visits to the refinery.
He added that proceeds from the sale of his stake in Geregu Power Plc would fund the investment.
Dangote previously disclosed in October 2025 that up to 10 percent of the refinery could be offered during the IPO, a stake valued at about $5 billion by Bloomberg. The billionaire is also planning a cross-border listing to attract both local and international investors, while positioning the IPO as a way to broaden African participation in industrial wealth creation.
A Bloomberg report published on May 12 said Dangote is targeting a valuation of up to $50 billion for the refinery.
