Billionaire businessman Femi Otedola has revealed that he sold his stake in Geregu Power Plc to position himself for investment in the planned initial public offering (IPO) of the Dangote Petroleum Refinery, underscoring growing investor confidence in what is increasingly seen as one of Africa’s most strategic industrial projects.
Otedola disclosed this 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.
Standing beside Africa’s richest man, Aliko Dangote, Otedola described the refinery as a transformative project capable of reducing Africa’s dependence on imported petroleum products while reshaping the continent’s industrial future.
“He is a genius and one of the greatest men to emerge from Africa,” Otedola said during the tour. “What he has achieved is helping to liberate the continent from economic dependency and import reliance.”
“I have visited this refinery more than 25 times, and I have consistently appealed for $100m worth of shares during the private placement. That informed my decision to sell my stake in Geregu so I can reinvest in the Dangote Petroleum Refinery,” he said.
