Femi Otedola, chairman of First HoldCo, says he plans to invest $100 million in the Dangote refinery.
He made the announcement on Wednesday after leading top executives of First HoldCo on a tour of the refinery and fertiliser plants in the Lekki free trade zone.
The planned investment is part of the refinery’s $2 billion private placement ahead of its planned initial public offering (IPO), though no date has been fixed yet.
Aliko Dangote, president of the Dangote Group, said the company is targeting about $2 billion from private investors as part of the IPO process expected later this year.
Dangote had said on October 22, 2025, that the refinery could sell up to a 10 percent stake during the listing. Bloomberg valued that stake at about $5 billion.
The billionaire is also planning a cross-border listing to attract both local and international investors. He said the move would allow Africans to help finance the continent’s industrialisation.
In an earlier report, Dangote said the IPO was designed to democratise wealth creation and give Africans direct access to take part in the continent’s industrial transformation.
Bloomberg reported on May 12 that Dangote is aiming for a refinery valuation of up to $50 billion ahead of the IPO.
While the official listing date has not been announced, the refinery is still expected to go public later this year.
During the visit, Otedola and the First HoldCo team also toured major project sites, including the jetty built by Dangote Industries to receive large vessels.
