The Chairman of First HoldCo, Femi Otedola, has revealed his plans to invest $100 million in the Dangote refinery on Wednesday, May 20, after visiting the refinery with top executives of First HoldCo.
Otedola’s intended contribution includes the $2 billion private placement the Dangote refinery is seeking from private investors before the initial public offering (IPO), which has not yet been scheduled.
On October 22, 2025, Dangote stated that the refinery might sell up to 10% of the listing, which Bloomberg estimated was worth roughly $5 billion.
In order to attract both domestic and foreign investors to the refinery, the billionaire intends to make the IPO a cross-border listing.
According to a previous report by Dangote, the IPO is intended to democratise wealth creation and provide Africans with direct access to take part in the industrial revolution of the continent.
The tycoon is apparently eyeing a valuation of up to $50 billion for the Dangote refinery, according to a May 12 Bloomberg story.
Also, the company is aiming for a private placement of roughly $2 billion for the refinery, according to Aliko Dangote, head of the Dangote Group.
The refinery recently announced a private placement as part of its Initial Public Offering (IPO) plan, which is expected to happen later this year.
Recall that prior to the anticipated IPO, Dangote is reportedly aiming for a valuation of up to $50 billion for his refinery business.
Dangote stated in 2025 that the refinery might sell up to 10% of the listing, which Bloomberg estimated was worth roughly $5 billion.
The Dangote refinery is anticipated to carry out the public listing later this year, though the precise date of the IPO has not yet been disclosed.
According to Dangote, a cross-border listing will allow Africans to fund the industrialisation of the continent.
Dangote revealed the target during Femi Otedola’s visit to the refinery and the fertiliser plans in the Lekki free trade zone region alongside senior executives of First HoldCo.
The team also visited important project locations, like the jetty, which Dangote Industries constructed to handle big ships.
