The Chairman of First HoldCo, Femi Otedola, has disclosed plans to invest $100 million in Dangote refinery.
He made the disclosure on Wednesday after leading senior executives of First HoldCo on a visit to Dangote refinery.
Otedola’s proposed investment forms part of the $2 billion private placement Dangote refinery is seeking from private investors ahead of its planned Initial Public Offering (IPO), although no official date has been fixed.
Dangote, on October 22, 2025, stated that the refinery could offer up to a 10 percent stake during the listing, which Bloomberg estimated to be worth around $5 billion.
The billionaire is also considering a cross-border listing for the IPO to attract both local and foreign investors into the refinery project.
In an earlier statement, Dangote explained that the IPO is intended to democratise wealth creation and allow Africans to directly participate in the continent’s industrial growth.
On May 12, Bloomberg reported that the billionaire is reportedly targeting a valuation of as much as $50 billion for Dangote refinery.
Meanwhile, Aliko Dangote, president of the Dangote Group, said the company is pursuing a private placement of about $2 billion for the refinery.
The private placement marks the latest development in the refinery’s IPO process, which is expected to take place later this year.
Recall that Dangote is reportedly seeking a valuation of up to $50 billion for the refinery business ahead of the planned public offering.
In 2025, Dangote said the refinery could release up to 10 percent equity in the listing, which Bloomberg valued at nearly $5 billion.
Although the official date for the IPO has not yet been unveiled, Dangote refinery is expected to proceed with the listing before the end of the year.
Dangote said the planned cross-border listing would allow Africans to contribute directly to financing the continent’s industrialisation.
Dangote disclosed the target during a visit by Femi Otedola, chairman of First HoldCo, who led top executives of the company on a tour of the refinery and fertiliser facilities located in the Lekki Free Trade Zone.
The delegation also toured strategic facilities, including the jetty constructed by Dangote Industries for the reception of large cargo vessels.
