Nigerian billionaire businessman and Chairman of First HoldCo, Femi Otedola, has announced plans to invest $100 million in the Dangote Refinery, further strengthening confidence in Africa’s largest oil refining project.
Otedola made the disclosure on Wednesday after leading a delegation of top executives from First HoldCo on a strategic visit to the Dangote Refinery complex.
Speaking during the visit, the business mogul revealed that the investment would come through a private placement arrangement with the refinery’s owner, Aliko Dangote.
“On a personal note, I’ve appealed to him (Aliko Dangote). I’ve been here with him 25 times, so my compensation is he’s going to allocate to me shares worth $100 million in the private placement,” Otedola stated.
The announcement marked another major endorsement of the multi-billion-dollar refinery project, which has continued to attract local and international attention since it commenced operations.
Industry observers saiy Otedola’s planned investment reflects growing investor confidence in the refinery’s long-term economic potential and its expected impact on Nigeria’s oil and gas sector.
The Dangote Refinery, located in Lagos, is regarded as one of Africa’s biggest industrial projects and is expected to significantly reduce Nigeria’s dependence on imported refined petroleum products.
The refinery has recently remained at the centre of major developments in the downstream oil sector, including price adjustments in aviation fuel and ongoing debates surrounding fuel importation and distribution.
Otedola’s relationship with Dangote has long been viewed as one of strategic business collaboration between two of Nigeria’s most influential entrepreneurs.
His latest move is expected to deepen private sector participation in the refinery as it expands operations and market influence.
The visit by the First HoldCo delegation also signals increasing interest from corporate and financial institutions in the refinery’s business structure and future investment opportunities.
Economic analysts believed the investment could further boost market confidence in Nigeria’s industrial capacity while reinforcing the refinery’s position as a key driver of energy security and economic growth across the continent.
The Dangote Refinery has repeatedly been described by stakeholders as a transformative project capable of reshaping Africa’s industrial and energy landscape through local refining, job creation and reduced foreign exchange pressure on petroleum imports.
