Nigerian billionaire businessman, Femi Otedola, has revealed that he sold his stake in Geregu Power Plc to free up capital for investment in the planned initial public offering of the Dangote Petroleum Refinery.
Otedola disclosed this during a visit by the board and management of FirstHoldCo to the 650,000 barrels-per-day refinery and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos.
He described President of the Dangote Group, Aliko Dangote, as one of Africa’s most remarkable industrialists, saying the refinery represents a major step toward reducing the continent’s dependence on imported petroleum products.
According to him, his interest in the refinery informed his decision to exit his position in Geregu Power Plc.
“He is a genius and among the greatest men to come out of Africa. What he has achieved is helping to free the continent from economic dependence and import reliance.
“I have visited this refinery over 25 times and each time I have continued to request $100 million worth of shares in the private placement. That was why I sold my Geregu stake so I can reinvest in the Dangote Petroleum Refinery,” Otedola stated.
He also expressed optimism about plans to expand the refinery’s capacity to 1.4 million barrels per day, noting that Africa’s growing demand for refined petroleum products justifies further expansion in local refining capacity.
Responding, Dangote said the planned public listing of the refinery would allow ordinary Nigerians and Africans to participate in the wealth generated by the project.
“We want ordinary Africans to benefit from this value creation. What global companies like Amazon and Apple achieved in wealth generation is what we are trying to replicate in Africa. We want people to invest, grow with us and share in the prosperity,” he said.
Dangote also disclosed plans for a new refinery project in East Africa with a projected capacity of 700,000 barrels per day, alongside proposed polypropylene and base oil production facilities.
He added that construction could begin within the next three to four years, noting that the project was not originally part of the group’s Vision 2030 strategy but that current progress had already exceeded expectations.
He also highlighted expansion in the group’s cement operations across 11 African countries, with production capacity rising to 55 million tonnes annually, supported by clinker export terminals aimed at boosting regional trade.
“Africa must stop exporting raw materials and importing finished products. That is equivalent to exporting jobs and importing poverty,” he said.
Chief Executive Officer of Olusegun Alebiosu, described the refinery as a landmark industrial project capable of inspiring large-scale investments across Africa.
He said the scale of the refinery demonstrates the potential for transformative industrial development on the continent, noting that international delegates visiting the facility would return home motivated to pursue similar projects.
Dangote also revealed that investor demand for the refinery’s planned listing on the Nigerian Exchange has remained strong, adding that requests during the private placement have already exceeded $2 billion, reflecting strong confidence in the project and Africa’s industrial future.
