Nigerian billionaire businessman 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 visit to the multi-billion-dollar refinery owned by Africa’s richest man, Aliko Dangote.
Speaking during the visit, Otedola revealed that he had repeatedly engaged Dangote over the years and had now secured an allocation of shares in the refinery’s planned private placement.
“From 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 said.
The announcement marks another major endorsement for the refinery, which has become one of the most significant industrial projects in Africa and a central pillar in Nigeria’s drive toward energy self-sufficiency.
Located in Lagos, the Dangote Refinery is designed to process 650,000 barrels of crude oil per day, making it the largest single-train refinery in the world. The project is expected to reduce Nigeria’s dependence on imported petroleum products, conserve foreign exchange, and stabilise fuel supply within the country.
Industry analysts say Otedola’s planned investment signals growing investor confidence in the refinery’s long-term profitability and strategic importance to Nigeria’s economy.
The partnership between two of Nigeria’s most influential businessmen is also seen as a strong indicator of increasing private-sector collaboration in large-scale infrastructure and energy investments.
The visit by First HoldCo executives further highlighted the growing interest of Nigeria’s financial sector in the refinery’s operations and expansion plans.
In recent months, the refinery has continued to dominate headlines with several major developments, including reductions in jet fuel prices and moves toward broader participation through planned share offerings.
Earlier reports indicated that Aliko Dangote believes listing the refinery could help democratise industrial prosperity across Africa by allowing wider public participation in one of the continent’s biggest industrial ventures.
The refinery has also remained at the centre of debates within Nigeria’s downstream petroleum sector, particularly regarding fuel imports, pricing, and market competition.
Despite operational and regulatory challenges, the Dangote Refinery is widely regarded as a transformative project capable of reshaping Nigeria’s oil and gas industry while reducing reliance on foreign refining markets.
Economic experts say the refinery could significantly impact Nigeria’s balance of trade, create thousands of jobs, and boost local manufacturing through increased availability of refined petroleum products.
Otedola’s latest investment move is expected to further deepen investor interest in the refinery ahead of any future public listing or expansion plans.
The businessman, who chairs First HoldCo, has remained one of Nigeria’s most prominent investors with interests spanning banking, energy, and infrastructure sectors.
His growing relationship with Dangote also reflects a broader trend of strategic alliances among Nigerian billionaires seeking to expand investments in key sectors of the economy.
Observers believe the $100 million stake could position Otedola as one of the notable private investors in the refinery as it scales up operations and expands its influence across Africa’s energy market.
