Femi Otedola plans to redirect money from his Geregu Power stake into the Dangote Refinery. He disclosed this during a recent facility tour with First HoldCo executives.
Otedola intends to buy $100 million worth of shares in the refinery's private placement round. According to him, selling his power plant stake was necessary to fund this investment.
"That's why I exited Geregu," Otedola explained to reporters at the site. "The proceeds are going straight into Dangote Refinery's IPO."
He praised Aliko Dangote's industrial expansion across Africa extensively. Otedola noted he'd joined Dangote on multiple trips to open cement facilities across the continent.
His $100 million commitment forms part of a larger $2 billion private placement drive. A public listing is expected later this year.
Dangote Refinery processes 650,000 barrels daily at full capacity. Officials plan a cross-border IPO to draw both local and foreign investors.
The listing strategy aims to boost African participation in major industrial projects. Both continents' investors will have access to the offering.
