*** All Nigerians will have access to the Refinery IPO and be part – owners – Dangote
Chairman of First Holds, Femi Otedola, has appealed to the President of Dangote Group, Aliko Dangote, to allocate $100 million worth of shares to him in the proposed listing of Dangote Petroleum and Petrochemicals.
He disclosed that he divested his stake in Geregu Power Plc to position himself for investment in the refinery’s Initial Public Offering ( IPO), which he described as a transformative industrial platform helping to free Africa from decades of reliance on imported petroleum products.
Otedola makes this remarks during a visit by the First Holds leadership team to the 650,000 barrels -per -day refinery and Dangote Fertilizer Limited in Ibeju Lekki, Lagos, where he commended Dangote for building the world’s largest single – train refinery and accelerating Africa’s individual transformation.
“He is genius and one of the greatest men to emerge from Africa. What he has achieved is helping to liberate the continent from economic dependency and import reliance,” Otedola said.
” I have visited this refinery more than 25 times and I have consistently appealed for $100 million worth of shares during private placement. That informed my decision to stake in Geregu so I can reinvest in the Dangote Petroleum Refinery.”
Otedola also expressed strong confidence in the Group’s planned expansion of refining capacity to 1.4 million barrels per day, noting that Africa’s growing demand for refined petroleum products clearly support for the investment in domestic refining infrastructure.
In his remarks, President Dangote Group, Aliko Dangote, assured that the refinery IPO would be broadly inclusive, enabling Nigerians to become part – owners and benefit from its value creation. He emphasised that the Group is committed to democratising access to investment opportunities by retail investors across Nigeria and the Africa continent.
“We want ordinary Africans to participate in the value being created,” Dangote said. “What companies like Amazon and Apple achieved globally in terms of wealth creation is what we seek to replicate in Africa. We want people to invest, grow with us, and share in the prosperity.
Dangote further disclosed plans for a proposed East Africa refinery with a projected capacity of 700,000 barrels per day, alongside polypropylene and base oil production facility. According to him, the project could commence within the next three to four years one construction begins. He noted that the initiative was not originally captured in the Group’s Vision 2030 strategy, underscoring the company’s trajectory toward exceeding its long – term growth targets.
Chief Executive Officer of First Bank Group, Olusegun Alebiosu, described the refinery as a symbol of vision, courage, and industry ambition capable of inspiring similar investment across Africa.
“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,” Alebiosu said.
“We have delegates here from United Kingdom and serves African countries who will return home with renewed commitment to building industries that can transform their economies. It is about building Africa together.”
Dangote also highlighted the Group’s sustained leadership across its core businesses over the past five years, including cement operations, investment in refining, petrochemicals, and fertilizer production.
He noted that cement capacity has expanded to 55 million tonnes per annum, supported by the development of clinker export terminal to strengthen regional trade. “We have built businesses that address Africa’s critical needs and long – term value for the continent, Dangote said.”
“Africa must stop exporting raw materials and importing finished goods. That amounts to exporting jobs and importation of poverty.
He added that investor appetite for the refinery’s listing on the Nigerian Exchange has remained exceptionally strong, with demand for private placement already exceeding $2 billion.
“There is significant interest in both the IPO and the private placement,” he said. While we are not able to meet all requests, the strong demand reflects investors confidence in the refinery and in African’s industrial future.
