Chairman of First HoldCo, Femi Otedola, has pledged to invest $100 million in the upcoming public listing of the Dangote Petroleum Refinery, revealing he sold his stake in Geregu Power to fund the acquisition.
The disclosure was made during a visit by the board and management of First HoldCo to the refinery complex in Lagos, where Aliko Dangote said investor demand for the refinery had already climbed to nearly $2 billion ahead of its planned Initial Public Offering (IPO).
The development highlights growing investor appetite for what is expected to become one of Africa’s largest industrial listings as Dangote prepares to open ownership of the refinery to wider participation.
Speaking during the visit, Otedola described the planned investment as a personal commitment after closely following the refinery’s development over the years.
“On a personal note, I’ve appealed to him; I’ve been here with him 25 times. So, my compensation is that he’s going to allocate to me shares worth $100 million in the private placement. That’s one of the reasons I sold my stake in Geregu Plant to come and invest my proceeds in the IPO of Dangote Refinery,” he said.
The investment represents one of the largest publicly declared personal commitments tied to the refinery project ahead of its listing.
Otedola also said First HoldCo had set a target of becoming one of the leading banks in Sub-Saharan Africa within the next five years.
“The First Holdco Institution has decided, the board and the members have decided that First Holdco has to be one of the biggest, largest banks in Sub-Saharan Africa and West Africa within the next five years,” he stated.
He explained that the visit to the refinery was part of efforts to learn from Dangote’s industrial expansion strategy.
“I spoke to Aliko, asking if I could visit for a retreat and tap into his vision. He has been very insightful, very thought-provoking,” Otedola added.
Dangote confirmed that preparations were underway to list the refinery on the capital market by September, noting that investor interest had surged even before the offer officially opens.
“Well, you heard the chairman of the bank, in his personal capacity; he has pledged to buy $100 million worth of shares in the IPO. I don’t know of the bank, but maybe even the bank too, in their own investment arm, they might,” Dangote said.
Managing Director and Chief Executive Officer of First Bank Group, Olusegun Alebiosu, described the refinery as “a powerful symbol of vision and industrial ambition” capable of inspiring similar investments across Africa.
He said projects of such scale could encourage business leaders in other African countries to pursue industrial development initiatives in their own economies.
