Chairman of FirstHoldCo, Femi Otedola, has expressed interest in acquiring $100 million worth of shares in the planned initial public offering (IPO) of the Dangote Petroleum Refinery & Petrochemicals, as investor enthusiasm builds around what is expected to become one of Africa’s most significant listings.
Otedola said he had already repositioned his portfolio by divesting from Geregu Power Plc specifically to create room for participation in the refinery’s upcoming IPO, which he described as a transformative industrial asset for the continent.
He made the remarks during a visit by FirstHoldCo executives to the 650,000 barrels-per-day Dangote Petroleum Refinery and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos, where he praised the scale and impact of the project.
▪ “He is a genius and one of the greatest men to emerge from Africa,” Otedola said of Aliko Dangote. “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.”
Dangote Signals Inclusive IPO and Further Expansion Plans
Responding, Aliko Dangote, President of the Dangote Group, said the refinery’s planned listing would be structured to allow broad participation, including retail investors across Nigeria and Africa.
He said the goal is to democratise access to wealth creation opportunities, drawing parallels with global tech giants.
▪ “We want ordinary Africans to participate in the value being created,” Dangote said. “What companies like Amazon and Apple achieved globally in terms of wealth creation is what we seek to replicate in Africa.”
Dangote added that investor interest in the private placement has already exceeded $2 billion, reflecting strong market confidence ahead of the listing.
He also disclosed plans for a proposed East Africa refinery project with a capacity of about 700,000 barrels per day, alongside additional petrochemical investments. The project, he said, could begin within three to four years once execution starts.
FirstBank CEO and Stakeholders Highlight Industrial Impact
Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, described the refinery as a landmark achievement that demonstrates the potential of large-scale private industrial investment in Africa.
▪ He said the project is already influencing global and regional stakeholders, with visitors from the UK and other African countries expected to return with renewed interest in industrial development.
He added that the refinery represents a model for reducing import dependence and strengthening Africa’s industrial base.
What You Should Know
The Dangote Petroleum Refinery, currently one of the largest single-train refineries globally, is a cornerstone of Africa’s push toward energy self-sufficiency and industrial expansion.
The group has also expanded its footprint across cement, fertiliser, and petrochemicals, with operations spanning multiple African countries and cement capacity now at 55 million tonnes per annum.
The planned IPO is expected to be one of the continent’s most closely watched listings, with strong investor demand already signalling significant market interest ahead of its launch.
