RismadarVoice Reporters, May 21, 2026
Billionaire businessman and Chairman of FirstHoldCo, Femi Otedola, has revealed that he sold his stake in Geregu Power Plc to create room for investment in the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery, describing the refinery as a game-changing project for Africa’s economic and industrial development.
Otedola disclosed during a visit by the board and management team of FirstHoldCo to the 650,000-barrel-per-day Dangote Petroleum Refinery and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos.
Speaking during a tour of the facilities, Otedola praised the President of Dangote Group, Aliko Dangote, for his contribution to industrial growth across the continent and reiterated his interest in becoming a major shareholder in the refinery.
He described Dangote as one of Africa’s most influential business figures, stating that the refinery project represents a significant step toward reducing the continent’s reliance on imported petroleum products and promoting economic independence.
Otedola disclosed that his strong belief in the project influenced his decision to divest from Geregu Power and redirect capital into the refinery venture.
According to him, he had repeatedly sought an opportunity to acquire shares in the refinery through private placement and remained committed to investing in what he considers one of Africa’s most transformative industrial assets.
He also expressed optimism over Dangote Group’s planned expansion of refining capacity to 1.4 million barrels per day, noting that rising energy demand across Africa presents strong opportunities for increased domestic refining investments.
In his remarks, Dangote said the proposed IPO would be structured to allow broader participation by Nigerians and Africans, enabling ordinary citizens to benefit from the value generated by the project.
He said the vision extends beyond industrial growth, adding that the company aims to create wealth opportunities comparable to what global giants such as Amazon and Apple achieved in international markets.
Dangote also disclosed plans to establish a new refinery in East Africa with an estimated refining capacity of 700,000 barrels per day. The proposed project, which will also include polypropylene and base oil production facilities, is expected to begin within three to four years after construction starts.
He explained that the project was not originally included in the company’s Vision 2030 agenda, indicating that the group’s growth trajectory had surpassed earlier projections.
Highlighting the company’s wider operations, Dangote noted that the group has maintained strong market leadership across its major business sectors, including cement production in 11 African countries, refining, fertiliser production, and petrochemical investments.
He added that cement production capacity has increased to 55 million tonnes annually, supported by clinker export terminals designed to boost regional trade and industrial growth.
Dangote stressed the need for African economies to shift away from dependence on raw material exports, arguing that exporting raw resources while importing finished products limits job creation and weakens economic development.
Also speaking during the visit, Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, described the refinery as a symbol of ambition, resilience, and visionary leadership capable of inspiring similar large-scale industrial projects across Africa.
According to Dangote, investor interest in the refinery’s planned listing on the Nigerian Exchange has remained strong, with demand for private placement already exceeding $2 billion, reflecting confidence in the project and Africa’s industrial future.
