Billionaire businessman Femi Otedola has revealed that he sold his stake in Geregu Power Plc to position himself for investment in the proposed initial public offering of Dangote Petroleum Refinery, which he described as a landmark industrial project capable of transforming Africa’s energy landscape.
Otedola made the disclosure during a visit by the board and management of FirstHoldCo to the 650,000 barrels-per-day refinery and Dangote Fertiliser Limited located in Ibeju-Lekki, Lagos.
Speaking during a tour of the facility, the Chairman of FirstHoldCo praised Aliko Dangote for what he described as a historic contribution to Africa’s economic independence. He disclosed that he had repeatedly requested an allocation of $100 million worth of shares in the refinery’s proposed listing.
According to Otedola, his decision to divest from Geregu Power was driven by his determination to reinvest in the Dangote Petroleum Refinery, which he believes will significantly reduce Africa’s dependence on imported petroleum products.
He further expressed confidence in the refinery’s expansion plans, which target an increase in refining capacity to 1.4 million barrels per day. Otedola noted that rising demand for refined petroleum products across the continent justifies continued investment in local refining infrastructure.
In his remarks, Dangote assured that the refinery’s planned IPO would provide ordinary Nigerians and Africans with the opportunity to own shares in the business and benefit from its long-term growth.
Dangote said the vision behind the refinery mirrors the wealth creation achieved by global giants such as Amazon and Apple, adding that the company aims to replicate similar economic value creation in Africa.
He also unveiled plans for a proposed 700,000 barrels-per-day refinery project in East Africa, alongside investments in polypropylene and base oil production facilities. According to him, construction could commence within the next three to four years.
Dangote explained that the proposed expansion was not originally included in the group’s Vision 2030 strategy, highlighting the pace at which the company has exceeded its long-term growth projections.
The billionaire industrialist further highlighted the group’s leadership position across major sectors, including cement production in 11 African countries, as well as refining, petrochemicals, and fertiliser manufacturing.
He stated that cement production capacity has now reached 55 million tonnes annually, supported by clinker export terminals designed to boost regional trade and industrialisation.
Dangote stressed the need for Africa to move away from exporting raw materials while importing finished goods, warning that such a model weakens the continent’s economic potential.
Meanwhile, the Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, described the refinery as a symbol of industrial ambition capable of inspiring similar large-scale investments across Africa.
Alebiosu noted that delegates from the United Kingdom and several African countries who visited the facility were encouraged by the scale and impact of the project, particularly its contribution to energy stability on the continent.
Dangote also disclosed that investor demand for the refinery’s private placement and proposed IPO has remained exceptionally high, revealing that subscriptions have already exceeded $2 billion.
According to him, the strong interest reflects growing investor confidence in both the refinery project and Africa’s industrial future.