Nigerian billionaire Femi Otedola has committed $100 million to the upcoming private placement of the Dangote Refinery, marking a major reversal from comments he made just weeks ago denying any financial involvement in the mega-project.
Otedola announced the investment after leading senior executives of First HoldCo on a tour of the refinery complex in Lagos’ Lekki Free Zone.
The investment forms part of the refinery’s planned $2 billion private placement ahead of its anticipated initial public offering (IPO).
The announcement follows a recent controversy sparked by viral claims that several Nigerian billionaires, including Tony Elumelu, Otedola, and Mike Adenuga, helped finance the refinery during its construction phase or were approached by Aliko Dangote for funding support.
At the time, Otedola strongly denied the claims, insisting he had “not invested a single kobo, not one dollar, not one naira” in the refinery.
