Nigerian billionaire Femi Otedola has announced plans to invest $100 million in the Dangote Petroleum Refinery, in a move tied to the facility’s ongoing private placement ahead of a future public listing.
Gatekeepers News reports that Otedola disclosed the plan after a visit to the refinery with top executives of First HoldCo, saying the investment will come through shares allocated to him in the refinery’s private placement programme.
He said the investment forms part of the refinery’s broader $2 billion private placement drive aimed at raising funds from private investors before its initial public offering (IPO), which has not yet been scheduled.
Otedola also explained that his decision to channel funds into the refinery follows his sale of stakes in Geregu Power, as he seeks to reinvest proceeds into the energy and industrial sector.
The Dangote Refinery, located in the Lekki Free Trade Zone, is one of Africa’s largest industrial projects and is currently expanding its investor base ahead of its planned listing on the capital market.
