By Adesina Soyooye
The Chairman of First HoldCo, Femi Otedola, at once gladdened the hearts of not a few Nigerians, and took others by surprise when he disclosed that he would invest a whopping sum of $100 million.
Approximately, that sum is the equivalent of N137.2bn in Nigeria’s currency.
The family-loving Otedola announced this on Wednesday, May 20, when he led top executives of First HoldCo to Dangote refinery.
To invest in Dangote Refinery, Otedola said he sold his multi billion Naira power plant, Geregu, to raise the money. He, also, jocularly said he deserved to purchase that share having visited and toured the Refinery for 25 times.
The planned investment is part of the private placement worth $2 billion which Dangote refinery is targeting from private investors ahead of the initial public offering (IPO). There is no date yet.
Making the announcement, Otedola said: “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.
“That’s one of the reasons why I sold my stake in Geregu plant to come and invest my proceeds in the IPO of Dangote refinery.”
On October 22, 2025, Dangote disclosed he could sell up to 10 percent stake in the listing. That percentage by Bloomberg’s estimation is valued at $5 billion.
The IPO is billed to be a cross-border listing and would attract investments from domestic and international investors.
Dangote had earlier said that “the IPO is designed to democratise wealth creation and give Africans direct access to participate in the continent’s industrial transformation.”
Bloomberg had also noted that Dangote is aiming for a valuation of up to $50 billion for the refinery.
Before his announcement of the $100 billion investment in Dangote Refinery, money man Otedola had splashed another whopping £53 million to acquire a London luxury property.
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