Femi Otedola has revealed that he sold his stake in Geregu Power Plc in order to position himself for a major investment in the proposed initial public offering of the Dangote Petroleum Refinery, describing it as a landmark project that could reshape Africa’s energy landscape.
Otedola made the disclosure during a visit by the board and management of FirstHoldCo to the Dangote Petroleum Refinery and Dangote Fertiliser complex in Ibeju-Lekki, Lagos.
He explained that his decision to exit Geregu Power was driven by his interest in acquiring a significant stake in the refinery’s upcoming listing, noting that he had repeatedly expressed interest in participating in its private placement.
According to him, the refinery represents a transformative industrial asset capable of reducing Africa’s dependence on imported refined petroleum products and strengthening local production capacity.
Otedola also praised Aliko Dangote, describing him as one of Africa’s most influential industrial figures, and expressed confidence in the group’s expansion plans, including increased refining capacity to meet growing demand across the continent.
During the visit, he reportedly appealed for allocation of $100 million worth of shares in the planned IPO, reaffirming his belief in the long-term value of the project.
In response, Dangote confirmed that the refinery’s planned listing would be open to wider participation, including ordinary Nigerians, with the aim of allowing more people to benefit from the value being created.
He added that the project is part of a broader vision to industrialise Africa, reduce dependence on imports, and create wealth through large-scale domestic production, similar to global corporate giants in other regions.
Dangote also disclosed additional expansion plans, including a proposed refinery project in East Africa with a capacity of about 700,000 barrels per day, alongside petrochemical investments in polypropylene and base oil production.
He highlighted that the group’s cement business now operates across multiple African countries, with an annual capacity of 55 million tonnes, supported by export infrastructure aimed at strengthening regional trade.
Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, described the refinery as a symbol of industrial ambition and innovation, saying it has the potential to inspire similar large-scale investments across Africa.
Investor interest in the refinery’s planned IPO was also described as strong, with demand for the private placement reportedly exceeding $2 billion.
