The Chairman of First HoldCo, Femi Otedola, has announced plans to invest $100 million in Dangote Refinery.
He revealed his plans on Wednesday after leading top executives of First HoldCo to Dangote Refinery.
Otedola’s planned investment is part of the $2 billion private placement Dangote Refinery is targeting from private investors ahead of its initial public offering (IPO), which has no date yet.
Dangote, on October 22, 2025, said the refinery could sell up to a 10 per cent stake in the listing, which Bloomberg valued at about $5 billion.
The billionaire is planning to make the IPO a cross-border listing to enable the refinery to draw investments from domestic and international investors.
In an earlier report, Dangote said the IPO is designed to democratise wealth creation and give Africans direct access to participate in the continent’s industrial transformation.
On May 12, Bloomberg reported that the billionaire is reportedly aiming for a valuation of up to $50 billion for Dangote Refinery.
On his part, Aliko Dangote, President of the Dangote Group, said the company is targeting a private placement of about $2 billion for the refinery.
The private placement is the latest announcement in the refinery’s IPO plan, expected later in the year.
Recall that Dangote is reportedly targeting a valuation of up to $50 billion for his refinery business ahead of the planned IPO.
In 2025, Dangote said the refinery could sell up to a 10 per cent stake in the listing, which Bloomberg valued at about $5 billion.
While the actual date for the IPO is yet to be announced, Dangote Refinery is expected to conduct the public listing later this year.
Dangote is planning a cross-border listing, which he said will enable Africans to finance the continent’s industrialisation.
Dangote announced the target when Femi Otedola, Chairman of First HoldCo, visited the refinery. Otedola led top executives of First HoldCo on a tour of the refinery and the fertiliser plant in the Lekki Free Trade Zone area.
The team also visited key project sites, such as the jetty, a facility built by Dangote Industries to receive large vessels.