Nigerian billionaire Femi Otedola has revealed he sold his controlling stake in Geregu Power Plc to free up capital for a $100 million investment in the Dangote Petroleum Refinery ahead of its planned Initial Public Offering (IPO).

Otedola made the disclosure after leading a delegation from First HoldCo Plc on a tour of the Dangote Refinery and fertiliser complex in the Lekki Free Trade Zone, Lagos. He described the refinery as a “transformative project” for Nigeria and Africa’s energy sector.

• Otedola said he appealed to Aliko Dangote for an allocation of shares worth $100 million in the refinery’s ongoing private placement round.
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• He explicitly linked the investment to the proceeds from the sale of his majority stake in Geregu Power, which he took public in 2022.
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• The Dangote Refinery, Africa’s largest at 650,000 barrels per day capacity, is targeting a private placement of up to $2 billion before its IPO, expected as early as September 2026.
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Otedola, who has visited the refinery multiple times, expressed strong confidence in the project, stating it will help Nigeria end its heavy dependence on imported petroleum products.

Femi Otedola exited his controlling interest in Geregu Power late 2025 in a major $750 million transaction. The divestment gave him significant liquidity, part of which he is now channelling into the Dangote Refinery.

The move is being viewed as a strategic shift from power generation to downstream oil refining two critical sectors in Nigeria’s energy value chain.

The announcement has generated excitement in investment circles, with many seeing Otedola’s participation as a strong vote of confidence in the Dangote project and the broader Nigerian economy. It also highlights growing interest from local billionaires in the refinery’s upcoming public listing.

As one of Nigeria’s most influential investors, Otedola’s decision is expected to attract more local and international interest in the Dangote Refinery IPO.

The billionaire has not disclosed further details about his exact stake or timeline, but his commitment adds to the already strong investor appetite for the project.