Femi Otedola Commits $100m to Dangote Refinery’s Upcoming IPO

Femi Otedola has confirmed he will invest $100 million in the Dangote Refinery ahead of its planned share offering. He made the announcement after leading First HoldCo executives on a tour of the refinery facility. His contribution is part of a broader $2 billion funding round from private investors before the refinery’s IPO. Otedola explained that he sold his stake in the Geregu plant to reinvest the proceeds. He expects to receive refinery shares worth $100 million in return. Dangote Group aims to list up to 10% of the refinery. The move is designed to draw domestic and international investors into Africa’s largest refining project.

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