Femi Otedola. Credit: X/Fems Otedola
Femi Otedola has disclosed that he sold his stake in Geregu Power Plc to position himself for investment in the proposed initial public offering of Dangote Petroleum Refinery, describing the facility as a transformative industrial project capable of reducing Africa’s dependence on imported petroleum products.
Otedola made the disclosure during a visit by the board and management of FirstHoldCo to the 650,000-barrel-per-day refinery and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos.
During a tour of the refinery, the Chairman of FirstHoldCo appealed to the President of Dangote Group, Aliko Dangote, to allocate $100m worth of shares to him in the proposed listing of the refinery.
“He is a genius and one of the greatest men to emerge from Africa. What he has achieved is helping to liberate the continent from economic dependency and import reliance.
