Nigerian billionaire investor Femi Otedola has disclosed a major portfolio shift, confirming that he sold his stake in Geregu Power Plc in order to position himself for investment in the planned public offering of the Dangote Refinery, one of Africa’s most closely watched industrial projects.
Speaking during a visit to the refinery on Wednesday, Otedola praised fellow billionaire Aliko Dangote, describing him in striking terms that underscored the scale of admiration between two of Nigeria’s most influential industrialists.
“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,” he said.
Otedola said his decision was driven by confidence in the refinery’s long-term industrial and economic significance, describing it as a transformative asset with the potential to reshape Africa’s energy independence.
He also revealed ongoing efforts to secure a meaningful allocation in the refinery’s planned private placement, noting repeated engagements with Dangote.
“On a personal note, I have appealed to him. I have been here with him 25 times,” he said, adding that he sought shares worth about $100 million in the private placement phase.
In a series of strong endorsements, Otedola described Dangote as “a colossus” and “one of the greatest men that has come out of Africa,” crediting him with building projects capable of reshaping the continent’s economic trajectory.
“I wish Aliko Dangote is a colossus, a genius, probably one of the greatest men that has come out of Africa for delivering us out of economic slavery in Nigeria and by extension Africa,” he added.
The comments come months after Otedola fully exited Geregu Power, the electricity generation company he helped bring to market in October 2022. At the time of his exit, the company—listed on the Lagos exchange—had grown significantly in valuation, with reports placing the transaction at about $750 million.
The divestment marked a notable reallocation of capital from power generation into large-scale refining infrastructure, aligning with growing investor interest in Nigeria’s energy and industrial sectors.
During the same visit, Dangote revealed that preparations were underway for an Initial Public Offering (IPO) of the refinery, which could launch as early as September. He said investor appetite had already surged, with demand reaching billions of dollars ahead of the planned listing.
“There is quite a lot of demand in terms of people disturbing us, pushing us, saying we want to buy,” he said.
He added that the goal of the listing is to allow early investors to benefit from the refinery’s growth trajectory, drawing comparisons to early-stage investments in global technology giants.
“We want it to be like when you buy Amazon or Apple… everybody has become a millionaire and that is what we want to bring into Africa,” he said.
The Dangote Refinery, located in Lagos, began fuel production in 2024 and is widely regarded as Africa’s largest refinery and one of the biggest single-train refining facilities in the world. It is expected to significantly reduce Nigeria’s dependence on imported petroleum products while reshaping the country’s downstream energy sector.
Otedola’s comments reflect a broader wave of investor enthusiasm around large-scale industrial and energy infrastructure in Nigeria, as private capital increasingly positions itself around projects seen as central to the continent’s long-term industrialisation and economic independence.