Nigerian billionaire investor Femi Otedola has disclosed that he sold his stake in Geregu Power Plc (NGX:GEREGU) in order to position himself for investment in the proposed initial public offering (IPO) of Dangote Petroleum Refinery, which he described as a transformative industrial project for Africa.

Otedola made the remarks during a visit by the board and management of FirstHoldCo Plc (NGX:FIRSTHOLDCO), of which he is chairman, to the 650,000-barrel-per-day (bpd) Dangote Petroleum Refinery, and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos.

During a tour of the facilities, Otedola appealed to Aliko Dangote, president of Dangote Group, to allocate $100mn worth of shares to him in the proposed refinery listing, local media reported.

“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,” he said, as quoted by The Punch.

“I have visited this refinery more than 25 times, and I have consistently appealed for $100mn 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.”

The planned refinery listing this year targets a valuation of $40bn to $50bn, with a proposed sale of 5% to 10% of Dangote Petroleum Refinery and Petrochemicals FZE and a listing expected around mid-2026 across multiple African exchanges, including Nigeria’s main market.

Otedola also expressed confidence in Dangote Group’s planned expansion of refining capacity to 1.4mn bpd, arguing that Africa’s growing demand for refined petroleum products justified continued investment in domestic refining infrastructure.

In his remarks, Dangote said the planned refinery IPO would be structured to allow broad retail participation across Africa.

“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,” he said. “We want people to invest, grow with us, and share in the prosperity.”

Dangote last week disclosed plans for a proposed East Africa refinery with a projected capacity of 700,000 bpd, alongside polypropylene and base oil production facilities.

According to him, the project could commence within three to four years once construction begins. He has said he is leaning towards citing the refinery in the Kenyan port of Mombasa.

Dangote added that the proposed East African expansion had not originally been included within the group’s Vision 2030 strategy, underscoring the pace of the company’s industrial growth ambitions.

The industrial conglomerate has expanded aggressively across refining, fertiliser, petrochemicals and cement production over recent years. Dangote said cement production capacity had reached 55mn tonnes per annum across operations in 11 African countries, supported by clinker export terminals intended to strengthen regional trade integration.

“We have built businesses that address Africa’s critical needs and create long-term value for the continent. Africa must stop exporting raw materials and importing finished goods. That amounts to exporting jobs and importing poverty,” Dangote said.

Chief executive officer Olusegun Alebiosu described the refinery as a symbol of African industrial ambition capable of inspiring similar large-scale investments across the continent.

“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,” Alebiosu said.

Dangote added that investor demand for the refinery’s proposed listing on the Nigerian Exchange had remained exceptionally strong, with private placement demand already exceeding $2bn.

“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 said.

Earlier this month, Nigeria’s National Pension Commission (PenCom) has granted Pension Fund Administrators a special regulatory waiver allowing them to invest pension assets in the planned initial public offering of Dangote Petroleum Refinery & Petrochemicals, marking a significant policy shift ahead of one of Africa’s largest expected listings.

According to a PenCom circular dated May 13, the waiver temporarily suspends certain investment restrictions that normally govern pension fund exposure to equities, including rules requiring a track record of profitability and dividend payments.