LAGOS, Nigeria – Billionaire investor and Chairman of First HoldCo, Olufemi Otedola, has announced a planned $100 million personal investment in the Dangote Petroleum Refinery and Petrochemicals complex.
Okay News reports that Otedola made the disclosure on Wednesday, May 20, 2026, during his high-profile visit to the facility alongside senior executives. The investment is part of a larger $2 billion private placement that the refinery is targeting from private investors before launching its highly anticipated Initial Public Offering (IPO).
“From a personal note, I’ve appealed to him [Aliko Dangote]. I’ve been here with him 25 times, so my compensation is he’s going to allocate to me shares worth $100 million in the private placement,” Otedola stated. He also revealed that this strategic pivot was a primary factor behind his recent decision to divest his stake in the Geregu power plant, explicitly freeing up capital to reinvest the proceeds into the refinery’s upcoming listing.
The refinery, which Bloomberg recently reported is aiming for an overall valuation of up to $50 billion, is planning a cross-border listing on the Nigerian Exchange and international markets. Aliko Dangote previously indicated that up to a 10 percent stake could be offered during the listing, a move designed to democratize wealth creation and give Africans direct ownership in the continent’s industrial transformation. While the official IPO date remains unannounced, Otedola’s massive $100 million financial commitment marks a significant milestone in locking down elite domestic capital for the historic energy project.
