By Oke Peter
Chairman of FirstHoldCo, Femi Otedola, has revealed that he sold his stake in Geregu Power Plc to position himself for investment in the proposed initial public offering (IPO) of the Dangote Petroleum Refinery, describing the refinery as a transformational 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 barrels-per-day refinery and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos.
Speaking during a tour of the facility, Otedola appealed to the President of Dangote Group, Aliko Dangote, to allocate $100 million worth of shares to him in the refinery’s proposed listing.
“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,” Otedola said.
“I have visited this refinery more than 25 times and consistently appealed for $100 million 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.”
Chief Femi Otedola
He also expressed confidence in the refinery’s planned expansion to 1.4 million barrels per day, noting that rising demand for refined petroleum products across Africa justified continued investment in domestic refining infrastructure.
In his remarks, Dangote assured that the refinery’s IPO would be inclusive, allowing ordinary Nigerians and Africans to participate in 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 700,000 barrels-per-day refinery in East Africa, 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 rapid expansion beyond its long-term growth projections.
Dangote also highlighted the group’s leadership across its core businesses over the past five years, including cement operations in 11 African countries, as well as investments in refining, petrochemicals, and fertiliser production.
According to him, cement production capacity has grown to 55 million tonnes per annum, supported by clinker export terminals designed to strengthen 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 the continent.
“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,” Alebiosu said.
Dangote added that investor appetite for the refinery’s listing on the Nigerian Exchange remained exceptionally strong, with demand for the private placement already surpassing $2 billion.
“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 said.
