adsFemi Otedola, chairman of First HoldCo, has revealed plans to invest $100 million in the Dangote Petroleum Refinery as the company intensifies preparations for a planned initial public offering (IPO).
Otedola disclosed the planned investment on Wednesday after leading top executives of First HoldCo on a tour of the refinery and fertiliser complex located within the Lekki Free Trade Zone.
The proposed investment forms part of the refinery’s ongoing $2 billion private placement targeted at private investors ahead of the planned public listing.
Aliko Dangote, president of the Dangote Group, said the private placement represents the latest phase in the refinery’s IPO programme expected later this year, although no official listing date has yet been announced.
Read also: The Dangote Refinery IPO and the repricing of Nigerian capital market ambition Related News Naira holds steady after CBN retains interest rate at 26.5% Nigeria’s rate hold signals confidence in reforms despite inflation risks FG's tax revenue shortfall raises compliance, debt concerns adsads
