Femi Otedola Announces Plans To Invest $100m In Dangote Refinery

Femi Otedola, chairman of First HoldCo, said he plans to invest $100 million in the Dangote Refinery.

He made this known on Wednesday after leading a group of senior executives from First HoldCo on a visit to the refinery.

Otedola explained that his investment will be part of the refinery’s ongoing effort to raise about $2 billion from private investors ahead of its planned initial public offering (IPO), although no date has been announced yet.

Speaking on the decision, Femi Otedola said he had personally discussed the opportunity with the refinery CEO, Aliko Dangote.

“From on 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,” the billionaire said.

“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.”.

Dangote had indicated that up to 10 percent of the refinery could be offered to investors during the IPO, a move that has been valued at around 5 billion dollars.

The businessman is also working towards listing the refinery across multiple markets to attract both local and international investors.

KanyiDaily recalls that Aliko Dangote recently revealed that he rejected offer by the Nigerian National Petroleum Company (NNPC) Limited to increase its ownership in the Dangote Refinery.