First HoldCo Chairman Femi Otedola has announced plans to invest $100 million in Dangote Refinery as part of a $2 billion private placement ahead of its planned initial public offering.
Otedola disclosed the move on Wednesday after leading First HoldCo executives on a tour of the refinery and fertiliser plant in the Lekki Free Trade Zone. The visit included stops at key project sites such as the jetty built to receive large vessels.
The investment forms part of Dangote Refinery’s strategy to raise $2 billion from private investors before listing. President of the Dangote Group, Aliko Dangote, said the private placement is the latest step in the IPO process, which is expected later this year.
Dangote said in October 2025 that the refinery could sell up to 10% of its stake in the listing. Bloomberg estimated that stake at about $5 billion at the time. He is targeting a valuation of up to $50 billion for the refinery, according to a Bloomberg report on 12 May.
The IPO is planned as a cross-border listing to attract both domestic and international investors. Dangote said the listing is designed to democratise wealth creation and give Africans direct access to participate in the continent’s industrial transformation.
Otedola led the First HoldCo delegation during the visit and held discussions with Dangote on the refinery’s expansion plans.
The refinery is yet to announce a specific date for the public offering.