Otedola Plans $100 Million Dangote Refinery Investment After Geregu Divestment

Nigerian billionaire investor Femi Otedola has disclosed plans to invest $100 million in the upcoming public offering of the Dangote Petroleum Refinery months after stepping away from his controlling interest in Geregu Power Plc.

Otedola made the disclosure during a visit to the Dangote Refinery complex in Lagos alongside senior executives of First HoldCo Plc and its subsidiaries, where he praised the scale and strategic importance of the refinery project.

The businessman said he had already secured an understanding with Aliko Dangote to participate in the refinery’s private placement ahead of the proposed Initial Public Offering (IPO), which is expected to launch later this year.

According to Otedola, proceeds from his earlier divestment connected to Geregu Power positioned him to pursue the refinery investment opportunity.

In December 2025, Geregu Power Plc announced a restructuring involving its majority shareholder, Amperion Power Distribution Company Limited, which resulted in a transfer of ultimate beneficial ownership tied to 77 percent of the company’s issued share capital.

The transaction led to the exit of Otedola and other directors from the company’s board as new investors assumed control through MA’AM Energy Limited.

The planned Dangote Refinery IPO has continued to attract strong market attention ahead of its official launch.

Dangote recently disclosed that preliminary investor interest tied to the offering had approached $2 billion even before the subscription process formally opens.

Located in the Lekki Free Zone in Lagos, the refinery has a production capacity of 650,000 barrels per day, making it Africa’s largest single-train refinery.

The facility has become increasingly important to Nigeria’s fuel market following the commencement of petrol, diesel and aviation fuel production.

Industry analysts said Otedola’s proposed investment could reinforce investor confidence in the refinery’s long-term earnings outlook and strengthen institutional participation ahead of the listing.

The IPO is expected to rank among the largest capital market transactions in Africa as investors position for exposure to Nigeria’s expanding domestic refining sector.