FirstHoldCo companies’ Boards, Management teams visit Dangote Petroleum Refinery

*Aliko Dangote, President/Chief Executive of Dangote Group, assures that all Nigerians will have access to the Dangote Petroleum Refinery’s forthcoming Initial Public Offering, and be part-owners of the oil-refining facility

Isola Moses | ConsumerConnect

Mr. Femi Otedola, Chairman of FirstHoldCo,  has appealed to the President/Chief Executive of Dangote Group, Aliko Dangote, to allocate $100 million worth of shares to him in the proposed listing of Dangote Petroleum Refinery and Petrochemicals Limited, Lagos.

Otedola disclosed that he divested his stake in Geregu Power Plc specifically 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.

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Otedola made these remarks during a visit by the FirstHoldCo leadership team to the 650,000 barrels-per-day refinery and Dangote Fertiliser Limited in Ibeju Lekki, Lagos, where he commended Dangote for building the world’s largest single-train refinery and accelerating Africa’s industrial transformation.

“He is a 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 the private placement.

“That informed my decision to sell my 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 supports further investment in domestic refining infrastructure.

In his remarks, Alhaji Aliko Dangote, President and Chief Executive of Dangote Group, assured that the refinery’s IPO would be broadly inclusive, enabling ordinary Nigerians to become part-owners and benefit from its value creation.

Dangote emphasised that the Group is committed to democratising access to investment opportunities by opening participation to retail investors across Nigeria and the African continent.

He also stated: “We want ordinary Africans to participate in the value being created.

“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.”

The President and Chief Executive of Dangote Industries Limited 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 facilities.

According to him, the project could commence within the next three to four years once construction begins.

Dangote disclosed 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.

Olusegun Alebiosu, Managing Director and Chief Executive Officer of FirstBank of Nigeria Limited, described the refinery as a symbol of vision, courage, and industrial ambition capable of inspiring similar investments across Africa.

Alebiosu said: “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.

“We have delegates here from the United Kingdom and several 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 in 11 African countries, alongside significant investments in refining, petrochemicals, and fertiliser production.

He noted that cement capacity has expanded to 55 million tonnes per annum, supported by the development of clinker export terminals to strengthen regional trade.

The Dangote Group Chief Executive stated: “We have built businesses that address Africa’s critical needs and create long-term value for the continent.

“Africa must stop exporting raw materials and importing finished goods.

“That amounts to exporting jobs and importing poverty.”

Investor appetite for the refinery’s listing on the Nigerian Exchange (NGX) has remained exceptionally strong, with demand for the private placement already exceeding $2 billion.

He added: “There is significant interest in both the IPO and the private placement.

“While we are not able to meet all requests, the strong demand reflects investors’ confidence in the refinery and in Africa’s industrial future.”

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