Nigerian business mogul Femi Otedola has disclosed that he divested his shares in Geregu Power Plc to free up capital for investment in the planned initial public offering (IPO) of the Dangote Petroleum Refinery.

He explained that the decision reflects growing investor confidence in the multi-billion-dollar industrial project.

Otedola made the revelation during a visit by the board and management of FirstHoldCo to the Dangote Petroleum Refinery and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos on May 20, 2026.

Speaking during the tour, Otedola praised the refinery’s founder, Aliko Dangote, describing the project as a major milestone in Africa’s industrial transformation and economic independence.

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“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.

The business mogul also revealed that he had repeatedly sought to acquire $100 million worth of shares in the refinery during its private placement phase and said the opportunity influenced his decision to sell his stake in Geregu Power.

“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 stated.

The disclosure comes amid increasing anticipation ahead of the refinery’s expected listing on the Nigerian Exchange.

Aliko Dangote revealed that demand for the refinery’s private placement has already exceeded $2 billion, reflecting strong interest from both domestic and international investors.

“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,” Dangote said.

The 650,000-barrel-per-day refinery is expected to significantly reduce Africa’s dependence on imported petroleum products and strengthen regional energy security.

Dangote also disclosed plans to expand operations beyond Nigeria with a proposed 700,000-barrel-per-day refinery in East Africa, alongside plans for polypropylene and base oil production facilities over the next three to four years.

According to him, the refinery’s eventual IPO will be structured to allow ordinary Africans to participate in the company’s growth and wealth creation.

“We want ordinary Africans to participate in the value being created. What companies like Amazon and Apple achieved globally in terms of wealth creation is what we seek to replicate in Africa,” Dangote said.

.@realFemiOtedola: I’ve appealed to Aliko Dangote to allocate shares worth $100m to me in the private placement of the refinery pic.twitter.com/sH61eqwpyD

— TheCable (@thecableng) May 20, 2026