Lagos, Nigeria – First HoldCo Chairman Femi Otedola has requested $100 million worth of shares in the upcoming initial public offering of Dangote Petroleum Refinery & Petrochemicals, revealing he sold his stake in Geregu Power Plc to prepare for the investment.
The disclosure came during a high-level visit by FirstHoldCo’s Board and Management teams to the 650,000 barrels-per-day Dangote Refinery and Dangote Fertiliser Limited in Ibeju Lekki, Lagos.
Otedola described the refinery as a transformative industrial platform, helping to free Africa from decades of reliance on imported petroleum products.
“I have visited this refinery more than 25 times, and I have 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,” Otedola said.
He praised Aliko Dangote, President of Dangote Group, as a genius and one of the greatest men to emerge from Africa, adding that the refinery is helping to liberate the continent from economic dependency and import reliance.
Otedola also backed plans to expand refining capacity to 1.4 million barrels per day, citing Africa’s growing demand for refined products.
In response, Dangote confirmed the IPO will be open to retail investors, stating: “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.”
He said investor demand for the private placement has already exceeded $2 billion, though not all requests can be met.
Dangote also unveiled plans for a new East Africa refinery with a 700,000 barrels-per-day capacity, plus polypropylene and base oil facilities.
The project could begin within 3–4 years and was not part of the Group’s original Vision 2030, signaling accelerated growth.
FirstBank Group CEO Olusegun Alebiosu called the refinery a symbol of vision, courage, and industrial ambition, noting delegates from the UK and several African countries joined the tour.
“If you see this refinery and realise that an individual conceived and delivered a project of this magnitude, you cannot help but be inspired,” he said.
Dangote reiterated the Group’s focus on value addition across Africa, with cement operations in 11 countries and 55 million tonnes per annum capacity.
“Africa must stop exporting raw materials and importing finished goods. That amounts to exporting jobs and importing poverty,” he said.
#DangoteRefinery #FemiOtedola #AlikoDangote #NigeriaOil #IPO #FirstHoldCo #AfricanIndustry #EnergySecurity #DangoteGroup #NigerianExchange #MadeInAfrica #Refining #InvestInNigeria #EconomicGrowth
All rights reserved. The content on this website, including text and other digital materials, may not be reproduced, published, broadcast, rewritten, or redistributed in part, without the express written consent of The News Accelerator Network.
For advertising inquiries, news coverage, or press releases, please get in touch with us at
📧 thenewsacceleratornetwork@gmail.com
📞 08051017159
Kindly follow us on: https://www.facebook.com/thenewsaccelerator
You can also subscribe to our YouTube channels here:ucvelrc3winkz7tdmhmzarmqhttps://www.youtube.com/channel/sub_confirmation=1
إرسال تعليق