Chairman of FirstHoldCo, Femi Otedola, has appealed to the
President of Dangote Group, Aliko Dangote, to allocate $100 million worth of
shares to him in the proposed listing of Dangote Petroleum Refinery &
Petrochemicals.
He 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.
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, President of Dangote Group, Aliko Dangote,
assured that the refinery’s IPO would be broadly inclusive, enabling ordinary
Nigerians to become part-owners and benefit from its value creation. He
emphasised that the Group is committed to democratising access to investment
opportunities by opening participation to retail investors across Nigeria and
the African continent.
“We want ordinary Africans to participate in the value being
created,” Dangote said. “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.”
Dangote 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. He
noted 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.
Chief Executive Officer of FirstBank Group, Olusegun Alebiosu,
described the refinery as a symbol of vision, courage, and industrial ambition
capable of inspiring similar investments across Africa.
“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,” Alebiosu said.
“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.
“We have built businesses that address Africa’s critical needs
and create long-term value for the continent,” Dangote said. “Africa must stop
exporting raw materials and importing finished goods. That amounts to exporting
jobs and importing poverty.”
He added that investor appetite for the refinery’s listing on
the Nigerian Exchange has remained exceptionally strong, with demand for the
private placement already exceeding $2 billion.
“There is significant interest in both the IPO and the private
placement,” he said. “While we are not able to meet all requests, the strong
demand reflects investors’ confidence in the refinery and in Africa’s
industrial future.”
Credit Dangote Group PR
