Femi Otedola has revealed that he sold his stake in Geregu Power Plc to position himself for investment in the proposed initial public offering of Dangote Petroleum Refinery, describing the project as a game-changer for Africa’s industrial future.
Otedola made the disclosure during a visit by the board and management of FirstHoldCo to the 650,000 barrels-per-day Dangote Petroleum Refinery and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos.
Speaking during a tour of the refinery, the Chairman of FirstHoldCo appealed to the President of Dangote Group, Aliko Dangote, to allocate $100m worth of shares to him in the planned listing of the refinery.
According to Otedola, the refinery represents one of the most significant industrial achievements on the African continent and could help reduce dependence on imported petroleum products.
“He is a genius and one of the greatest men to emerge from Africa. What he has achieved is helping to liberate the continent from economic dependency and import reliance,” Otedola said.
He added that his confidence in the refinery’s future informed his decision to divest from Geregu Power Plc.
“I have visited this refinery more than 25 times, and I have consistently appealed for $100m 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,” he stated.
Otedola also expressed optimism about the refinery’s planned expansion to 1.4 million barrels per day, noting that Africa’s rising demand for refined petroleum products creates strong opportunities for local refining investments.
In his remarks, Aliko Dangote assured that the refinery’s IPO would provide ordinary Nigerians and Africans with the opportunity to participate in the company’s growth story.
“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,” Dangote said.
Dangote further disclosed plans for an East African refinery with a projected refining capacity of 700,000 barrels per day, alongside polypropylene and base oil production facilities. He said the project could begin within the next three to four years once construction starts.
The billionaire industrialist explained that the proposed refinery was not initially included in the group’s Vision 2030 strategy, highlighting the company’s rapid growth trajectory.
Dangote also pointed to the group’s dominance in cement production across 11 African countries, as well as investments in petrochemicals, refining, and fertiliser production.
According to him, cement production capacity has increased to 55 million tonnes annually, supported by clinker export terminals aimed at boosting regional trade.
“We have built businesses that address Africa’s critical needs and create long-term value for the continent. Africa must stop exporting raw materials and importing finished goods. That amounts to exporting jobs and importing poverty,” Dangote added.
Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, described the refinery as a symbol of vision, courage, and industrial ambition capable of inspiring industrial development across Africa.
“If you see this refinery and realise that an individual conceived and delivered a project of this magnitude, already helping to stabilise energy supply across Africa, you cannot help but be inspired,” Alebiosu said.
Dangote also revealed that investor demand for the refinery’s planned listing on the Nigerian Exchange has remained strong, with interest in the private placement already surpassing $2bn.
“There is significant interest in both the IPO and the private placement. While we are not able to meet all requests, the strong demand reflects investors’ confidence in the refinery and in Africa’s industrial future,” he said.
