Standing beside Africa’s richest man, Aliko Dangote, billionaire investor Femi Otedola described the Dangote Refinery as a landmark project that could redefine Africa’s industrial future and significantly reduce the continent’s dependence on imported petroleum products.
Speaking during a tour of the facility, Otedola was full of praise for Dangote, calling him “a genius” and one of Africa’s greatest industrial figures.
“He is a genius and one of the greatest men to emerge from Africa,” Otedola said. “What he has achieved is helping to liberate the continent from economic dependency and import reliance.”
Otedola also revealed that his renewed interest in the refinery influenced his decision to exit Geregu Power. According to him, he had repeatedly attempted to secure a stake in the project during its private placement phase.
“I have visited this refinery more than 25 times, and I have consistently appealed for $100 million worth of shares during the private placement,” he said. “That informed my decision to sell my stake in Geregu so I can reinvest in the Dangote Petroleum Refinery.”
His remarks come amid growing investor interest in the refinery’s upcoming listing on the Nigerian Exchange. Dangote disclosed that demand for the private placement has already exceeded $2 billion, highlighting strong confidence from both local and international investors.
“There is significant interest in both the IPO and the private placement,” Dangote said. “While we cannot meet all requests, the level of demand reflects confidence in the refinery and in Africa’s industrial future.”
Dangote also hinted at broader ambitions beyond Nigeria, revealing plans for a new 700,000-barrel-per-day refinery in East Africa, alongside projects in polypropylene and base oil production expected to begin within the next few years.
He added that the planned IPO would be structured to give ordinary Africans an opportunity to participate in the company’s growth story.
“We want ordinary Africans to participate in the value being created,” he said. “What companies like Amazon and Apple achieved globally in wealth creation is what we are trying to replicate in Africa.”
FirstBank Group CEO Olusegun Alebiosu also praised the refinery, describing it as a powerful symbol of what large-scale African industrial ambition can achieve.
“If you see this refinery and realise that an individual conceived and delivered a project of this magnitude, already helping to stabilise energy supply across Africa, you cannot help but be inspired,” he said.
