Femi Otedola, the chairman and biggest shareholder of financial services group First HoldCo Plc, hopes to invest $100 million in the proposed private placement of Dangote Petroleum Refinery.
The billionaire tycoon made this known to journalists during a tour by the management team of First HoldCo to the refinery in Lagos on Wednesday.
“On a personal note, I have approved him. I’ve been here with him five times, so my compensation is that he’s going to allocate to me shares of $100 million in the private placement,” Mr Otedola said of Aliko Dangote, Africa’s richest man and owner of the refinery.
Dangote Petroleum Refinery, Africa’s largest oil refinery, is raising $2 billion through a private placement targeting institutional investors and high-net-worth individuals.
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A similar plan to source $5 billion through an initial public offering, equivalent to 10 per cent of its valuation, is also in the works. According to a Bloomberg report this month, the refinery is targeting a valuation of around $50 billion ahead of the planned share sales.
Mr Otedola noted that he hopes to invest part of the proceeds from the divestment of his shareholding in Geregu Power, an electricity generation company he took public in October 2022, in the private placement.
He sold his stake in the power company last December in a $750 million transaction.
The refinery is looking to list the shares from the planned offers across multiple stock exchanges through cross-border listings, opening them to investors in different markets.