L-R: MD/CEO, FirstBank, Segun Alebiosu; Chairman, FirstBank, Ebenezer Olofowose; Vice President, Oil & Gas, Dangote Industries Limited, Devakumar Edwin; President/CE, Dangote Industries Limited, Aliko Dangote; Group Chairman, FirstHoldCo, Femi Otedola; GMD, FirstHoldCo, Wale Oyedeji; and Managing Director/CEO, Dangote Petroleum Refinery, David Bird, during the visit of FirstBank management to Dangote Petroleum Refinery, Petrochemicals and Fertiliser Plant, Lekki, Lagos, on Wednesday, May 20, 2026.
President of Dangote Industries Limited, Aliko Dangote, has assured Nigerians that the planned Initial Public Offering (IPO) of the Dangote Petroleum Refinery & Petrochemicals will allow ordinary citizens to become part-owners of Africa’s largest refinery project.
Dangote made the disclosure during a high-level visit by the Board and Management of FirstHoldCo Plc and FirstBank to the 650,000 barrels-per-day refinery, petrochemicals and fertiliser complex in Ibeju-Lekki, Lagos.
The visit brought together key industry leaders including Chairman of FirstHoldCo, Femi Otedola; Managing Director/CEO of FirstBank, Olusegun Alebiosu; Group Managing Director of FirstHoldCo, Wale Oyedeji; Vice President, Oil & Gas, Dangote Industries, Devakumar Edwin; and Managing Director/CEO of Dangote Petroleum Refinery, David Bird.
Otedola Seeks $100 Million Stake in Dangote Refinery
Speaking during the tour, Otedola revealed that he had repeatedly requested an allocation of $100 million worth of shares in the proposed refinery listing, describing the project as one of the most transformative industrial investments ever undertaken in Africa.
According to him, he divested his stake in Geregu Power Plc specifically to position himself for participation in the refinery’s IPO.
“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,” Otedola said.
“I have visited this refinery more than 25 times, and I have consistently appealed for $100 million 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.”
Otedola also expressed confidence in Dangote Group’s planned expansion of refining capacity to 1.4 million barrels per day, noting that Africa’s growing energy demand strongly supports continued investment in local refining infrastructure.
‘Ordinary Nigerians Will Be Part-Owners’ — Dangote
Dangote, in his remarks, emphasised that the refinery’s public listing would be inclusive and designed to democratise wealth creation across Nigeria and the African continent.
“We want ordinary Africans to participate in the value being created,” Dangote said.
“What companies like Amazon and Apple achieved globally in terms of wealth creation is what we seek to replicate in Africa. We want people to invest, grow with us, and share in the prosperity.”
He disclosed that investor appetite for the refinery’s listing on the Nigerian Exchange Limited has remained exceptionally strong, with private placement demand already surpassing $2 billion.
“There is significant interest in both the IPO and the private placement. While we are not able to meet all requests, the strong demand reflects investors’ confidence in the refinery and in Africa’s industrial future,” he stated.
Dangote Targets New East Africa Refinery
Dangote further revealed plans for a proposed 700,000 barrels-per-day refinery in East Africa, alongside investments in polypropylene and base oil production facilities.
According to him, the project could commence within the next three to four years once construction activities begin, adding that the initiative was not originally captured in the Group’s Vision 2030 roadmap.
He said the development underscores the Group’s ambition to exceed its long-term industrial growth targets across the continent.
FirstBank CEO Hails Dangote’s Industrial Vision
Managing Director/CEO of FirstBank, Alebiosu, described the refinery as a symbol of courage, vision and industrial ambition capable of inspiring a new generation of African industrialists.
“If you see this refinery and realise that an individual conceived and delivered a project of this magnitude, already helping to stabilise energy supply across Africa, you cannot help but be inspired,” he said.
“We have delegates here from the United Kingdom and several African countries who will return home with renewed commitment to building industries that can transform their economies. It is about building Africa together.”
Dangote Highlights Expansion Across Africa
Dangote also highlighted the Group’s sustained expansion across critical sectors over the past five years, including cement operations in 11 African countries, refining, petrochemicals and fertiliser production.
According to him, cement production capacity has now risen to 55 million tonnes annually, supported by clinker export terminals aimed at strengthening intra-African trade.
“We have built businesses that address Africa’s critical needs and create long-term value for the continent,” Dangote said.
“Africa must stop exporting raw materials and importing finished goods. That amounts to exporting jobs and importing poverty.”
Femi Otedola says he wants $100 million worth of shares in the Dangote Refinery IPO as Dangote assures ordinary Nigerians will have access to ownership in the landmark refinery project.
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