Otedola explains why he sold Geregu to invest in Dangote refinery

Billionaire businessman and Chairman of firstholdco.com Femi Otedola, says he plans to invest $100 million in the upcoming IPO of dangote.com.

Otedola made this known during a visit to the refinery in Ibeju-Lekki with board members and top executives of First HoldCo on May 20, 2026.

He said one reason he sold his stake in geregupp.com was to free up funds for the planned investment in the refinery.

Speaking after touring the facility, Otedola praised Aliko Dangote, describing his achievements in Africa as remarkable.

He added that he had visited several countries with Dangote during the commissioning of cement plants.

Otedola said he hopes to receive shares worth $100 million through the refinery’s private placement ahead of the public listing.

The investment is expected to form part of the refinery’s planned $2 billion private fundraising round before the IPO.

Dangote also said the refinery is aiming to launch its IPO in September, adding that investor interest has already reached billions of dollars.

According to him, the IPO is mainly intended to allow wider public participation and ownership.

Earlier this year, Otedola had said the Nigerian naira could strengthen to below ₦1,000 per dollar if the refinery reaches full operating capacity.

He believes local fuel production could reduce Nigeria’s dependence on fuel imports and improve foreign exchange availability.