Billionaire businessman Femi Otedola has announced plans to invest $100 million in the forthcoming Initial Public Offer (IPO) of the Dangote Petroleum Refinery and Petrochemicals.
Otedola, who is also the Chairman of First Holdco Plc, revealed this during a visit with the company's board and executives to the refinery complex in Ibeju-Lekki, Lagos, on Wednesday, May 20, 2026.
He stated that this planned investment is a primary reason for his recent divestment from Geregu Power Plc, a move aimed at channeling the proceeds into the Dangote Refinery IPO.
During a press briefing following the tour, Otedola lauded the Chairman of the Dangote Group, Aliko Dangote, describing him as a "colossus" and "genius," and one of Africa's greatest men for his contributions to the continent's economic development.
Otedola mentioned his extensive experience with Dangote's projects, having accompanied him to commission cement plants in six African countries. He expressed his admiration for Dangote's vision and its impact on Nigeria and Africa.
The planned $100 million investment by Otedola is part of the larger $2 billion private placement that Dangote Refinery aims to secure from private investors before its IPO.
