The Dangote Group, led by President Aliko Dangote, is actively pursuing a private placement target of approximately $2 billion for its refinery project. This strategic move precedes an anticipated initial public offering (IPO) that is expected later in the year. A significant development in this regard was the announcement by billionaire Femi Otedola, Chairman of First HoldCo, that he intends to invest $100 million in the Dangote refinery.

These financial plans and Otedola's commitment were made public during his recent visit, where he led top executives from First HoldCo on an extensive tour of the Dangote refinery and its associated fertilizer plants located in the Lekki free trade zone area. The team also inspected crucial project sites, including the jetty, a sophisticated facility constructed by Dangote Industries designed to accommodate large vessels.

Femi Otedola's planned $100 million investment forms a component of the larger $2 billion private placement that the Dangote refinery aims to secure from private investors. This private placement is a precursor to the refinery's IPO, for which a definitive date has not yet been announced. Bloomberg had previously reported on May 12 that Dangote is targeting a substantial valuation of up to $50 billion for the refinery business ahead of its planned public listing. In 2025, Dangote indicated that the refinery might offer up to a 10 percent stake in the listing, which Bloomberg estimated to be around $5 billion.

While the exact date for the IPO remains undisclosed, the public listing is anticipated to occur later this year. Aliko Dangote has expressed intentions for a cross-border listing, a strategy he believes will empower Africans to finance the continent's industrialisation efforts. Otedola himself affirmed his personal commitment, stating, "On a personal note, I have appealed to him (Aliko 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. That’s one of the reasons why I sold my stake in the Geregu plant to come and invest my proceeds in the IPO of Dangote refinery.”