Femi Otedola has revealed why he sold his stake in Geregu Power.
Philips News reports that the chairman of First HoldCo, Femi Otedola, says proceeds from the sale of his stake in Geregu Power Plc will be channelled into the planned private placement and IPO of the Dangote Petroleum Refinery.
This online newspaper understands that Otedola disclosed this during an interaction with journalists after he and top executives of First HoldCo were led on a tour of the refinery complex in Lagos, Nigeria’s commercial city, on Wednesday, May 20, 2026.
Speaking during a visit to the refinery alongside top executives of First HoldCo, Otedola disclosed that he would acquire shares worth $100 million in the refinery’s private placement.
The First HoldCo Chairman said: “On a personal note, I’ve appealed to him (Dangote)… I’ve been here with him 25 times, so my compensation is he’s going to allocate to me shares worth $100 million in the private placement,” Otedola said.
“That’s one of the reasons I sold my stake in Geregu, to come and invest my proceeds in the IPO of Dangote Refinery,” he added.
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Meanwhile, PhilipsNews reports that the Dangote Refinery, located within the Lekki Free Zone in Lagos State, has a processing capacity of 650,000 barrels of crude oil daily, making it the largest single-train refinery on the African continent. After several years of development and investments estimated at nearly $20 billion, the plant commenced full-scale production of diesel, aviation fuel, and petrol in 2024.
The proposed initial public offering (IPO) is projected to rank among the largest financial market deals ever seen in Africa. Market projections suggest the refinery could be valued at roughly $50 billion, with up to 10 percent of the company potentially offered to investors.
Dangote refinery now plays a major role in Nigeria’s energy sector by cutting the country’s reliance on imported fuel and strengthening domestic refining operations.
On Wednesday, Dangote Group President Aliko Dangote said that about twelve European countries rely on aviation fuel exports from the Dangote Petroleum Refinery to stabilize supplies and prevent travel disruptions.
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