The refinery plans to issue 3 billion ordinary shares at $0.35 each, setting the valuation and placing the facility among the most valuable privately held industrial assets in Africa.

Investors have shown strong interest, with indications that demand has already doubled the target before allocation closes.

The minimum entry for investors stands at 1 million shares, costing $350,000. Subscriptions can then rise in blocks of 500,000 shares, while investors will also remain locked in for 365 days after allotment.

The funds will support expansion work, logistics systems, storage capacity, and other corporate needs. The refinery also reveals possible moves into related petrochemical operations, although details are broad at this stage.

The facility, which began production in 2024 after years of construction that cost an estimated $20 billion, processes about 650,000 barrels of crude per day. Output now includes diesel, aviation fuel, naphtha, and premium motor spirit.

Investor appetite has stretched beyond Nigeria as institutional investors and diaspora buyers have shown strong participation. Demand levels suggest oversubscription before the process closes.

Femi Otedola has confirmed plans to invest $100 million, drawing from proceeds linked to his Geregu Power stake sale. His entry adds to the high-net-worth participation in the offer.

The size of the valuation and the level of demand have renewed discussion around a possible future listing. No timeline has been set, but there are expectations that a public offer may follow at some point.

Aliko Dangote has previously indicated interest in listing the refinery on capital markets. The current placement is seen as an early step that could expand ownership ahead of any future initial public offering.

The refinery’s scale already places it at the centre of Nigeria’s energy supply chain. It has reduced dependence on imported fuel and created new export channels. Analysts say this position strengthens its appeal to global investors looking for large infrastructure assets with foreign exchange potential.

The implied valuation exceeds the market value of most listed companies on the Nigerian Exchange when taken individually. This comparison has added weight to discussions about how deep investor appetite could run if a full listing eventually takes place.

The private placement is currently attracting commitments from local and international investors, with the level of demand showing strong confidence in the refinery’s long-term production capacity and its role in regional fuel supply.

Speaking on Tuesday, February 17, at the launch of the National Industrial Policy 2025, Dangote expressed optimism that current government reforms are beginning to yield tangible results for the manufacturing sector.

Despite the Naira closing at N1,335.96 in the official market and trading around N1,388.77 in the parallel market yesterday, Dangote believes a stronger currency is achievable through aggressive import substitution.

Manufacturing over Revenue

While a stronger Naira typically reduces the government’s nominal revenue from dollar-denominated collections, Dangote argued that the broader economic benefits, specifically lower operational costs, outweigh the fiscal drawbacks.

“I can assure you that, with proper measures to block excessive imports, the naira could reach N1,100 this year if we are lucky. The challenge is that a stronger naira could reduce government revenue… but it would also lower costs across the economy. The focus should be on local manufacturing,” Dangote stated.

The Billionaire Consensus?

Dangote’s outlook aligns with recent bullish sentiments from fellow billionaire and First HoldCo chairman, Femi Otedola.

Otedola previously suggested the Naira could even trade below N1,000/$ by year-end, citing a massive reduction in petroleum imports and boosted local oil and gas production as primary catalysts.

Market Snapshot (Feb 17, 2026)

The Central Bank of Nigeria (CBN) and parallel market data reflect a currency currently in search of stability:

The optimistic projections from Nigeria’s top industrialist hinge on the lucky convergence of policy implementation and a drastic reduction in the country’s import bill.

If the Dangote Refinery and other local manufacturers successfully curb the demand for greenbacks, the N1,100 target moves from a prediction to a plausible macroeconomic reality.

In a post shared on X, Otedola described Chagoury as a nation-shaping figure whose vision, discipline, and long-term thinking have left lasting marks on the country’s infrastructure, real estate, and business culture.

“Happy 80th birthday to my mentor, my role model, Sir Gilbert Chagoury. At 80, your life stands as proof that vision, discipline, and an unwavering belief in Nigeria can truly shape history. You did not just build businesses; you built landmarks, institutions, and enduring ideas that will outlive generations,” Femi Otedola wrote in his words to Gilbert Chagoury.

Otedola noted the transformative nature of Chagoury’s projects, including Banana Island, the high-end residential enclave that bolstered urban planning standards in Lagos, and Eko Atlantic, the massive land reclamation project designed to protect Victoria Island and Ikoyi from coastal erosion while creating commercial and residential opportunities.

“Without your vision, there would be no Banana Island a bold idea that redefined what urban development could look like in Nigeria,” he wrote.

“Without the courage and persistence behind Eko Atlantic, much of Victoria Island and Ikoyi might today be at the mercy of the Atlantic Ocean. What many see as infrastructure, I see as foresight protecting the present while securing the future.”

He described Eko Atlantic as “the 9th wonder of the modern world,” an affirmation of long-term planning and the potential of patient, locally committed capital.

Otedola also stressed Chagoury’s solid commitment to Nigeria, portraying his projects not as individual achievements, but as sustained investments in economic stability and urban resilience.

“Your passion for Nigeria is rare, genuine, and deeply inspiring. Even after decades of achievement, your commitment to a better country has never wavered. That consistency of purpose is your greatest legacy,” he wrote.

“As you turn 80, I celebrate a life of impact, vision, and service. I wish you many more years in good health, strength, and fulfilment with the joy of seeing Nigeria continue to rise on foundations you helped lay. The story of modern Nigeria is richer because you chose to believe, build, and stay committed.”

Gilbert Chagoury, a Nigerian-Lebanese businessman and philanthropist, co-founded the Chagoury Group in 1971 with his brother Ronald.

Over five decades, the conglomerate has grown to include construction, real estate, manufacturing, hospitality, insurance, information technology, and finance. Its assets include the Oriental Hotel in Lagos, as well as construction firms Hitech and ITB.

Beyond real estate, Chagoury has been at the centre of major infrastructure initiatives. In 2024, Hitech was awarded the $11 billion Lagos–Calabar Coastal Highway project, a 700-kilometre road that drew attention for bypassing competitive bidding and highlighted his long-standing political and business influence.

Otedola’s tribute revealed how Chagoury’s vision went beyond individual projects, linking infrastructure, urban development, and investment to economic resilience. 

In describing his mentor’s work as a combination of foresight, disciplined execution, and sustained belief in local markets, Otedola  disclosed a model of patient capital, long-term investment that protects value, drives growth, and anchors Nigeria’s economic potential.

Chagoury is a major philanthropist, supporting hospitals, universities, and Catholic charities across Africa, the Middle East, and the United States.

His contributions have been recognised internationally, including the Order of St Gregory the Great from the Vatican, and he has also been linked to political donations abroad.

Top on the agenda of the proposed meeting is the removal of FBN Chairman, Mr. Femi Otedola and a Non-executive/Deputy Chief Executive of Geregu Power Plc, Mr. Julius B. Omodayo-Owotuga.

The shareholders alleged that since a former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, influenced Otedola’s acquisition of a significant amount of shares that led to his emergence as Chairman of FBN Holdings, the financial institution has not known peace.

The former CBN governor, shareholders claims, had invited the former Chief Executive Officer of FirstBank, Dr. Adesola Adeduntan, to his house in Ikoyi and told him to work with Otedola to help him take over the bank.

Which he dutifully did, and subsequently paved the way for Otedola becoming a non-Executive in the first instance, without security clearance from the Department of State Security, DSS and the Economic and Financial Crimes Commission, EFCC.

However, having successfully taken over the bank, the first person Otedola targeted to be kicked out was Adeduntan himself, followed by Tunde Hassan-Odukale, who was the Chairman of First Bank of Nigeria Limited and subsequently moved against Tosin Adewuyi, whom he side-stepped for the position of CEO despite coming first in the interview conducted by a global recruitment agency.

Instead, he saw to the appointment of the man who came last in the interview, Mr Olusegun Alebiosu. Mr Alebiosu was said to have since pledged “absolute loyalty” to Otedola and has allowed him to use another of his personal acolytes, a non-Executive Director, Akin Akinfemiwa, to run the bank.

According to the shareholders, with Otedola as Chairman, his personal staff, Omodayo-Owotuga at the Holdco, and yet another personal staff at the bank, Otedola has seized full control of the bank and does as he pleases.

Thus, with the private placement of N360 billion shares, other shareholders fear he would clearly have absolute control and could turn First Bank to his piggy bank without checks, balances and corporate governance.

But for Emefiele, who handed him the bank, the other shareholders contended that, Otedola could not have passed the fit and proper test, having ruined several banks with non-performing loans, which were then sold to AMCON before he got his “sweetheart deal” under former President Goodluck Jonathan and Godwin Emefiele

After ousting Adeduntan, Tosin Adewuyi, an Executive Director would follow and next was a Group Head, Folake Ani-Mumuney, whose only offence was that she carried out a directive of the board to host a sendforth party for the retiring CEO, who had been at the helm of affairs in the bank for nine years.

He had earlier removed Ms. Ijeoma Nwogwugwu, a noted journalist, as a non-executive director of a First Bank subsidiary for daring to write a critically acclaimed article, which he considered unfavourable to his ego.

Now, the question being asked is; what is the business of a non-Executive Chairman of a HoldCo sacking a group head of a bank, who simply obeyed the instructions of the Managing Director and the Board of the Bank?

It was gathered that Otedola has already been granted a loan of about $45 to 50 million by the African Export-Import Bank (Afreximbank), which comes to about N90 billion

“This is to enable him (Otedola) take full control during the proposed N360 billion private placement. But some of the shareholders are saying instead of a private placement for shares of the bank, it should be by right issue or public offer,” a source claimed.

However, Otedola’s preference for private placement is seen as a ploy to gain control and run the financial institution as his private estate, a source, who pleaded to remain anonymous, further alleged.

FBN Holdings has been a subject of battle over who holds the single largest share of the institution.

First Bank Holdings, in its audited accounts for 2023, had put Otedola as the single largest shareholder with a 9.41 per cent stake in the financial institution. Otedola, however, has recently increased his share holding by massive acquisition of more shares. At the moment, his exact stake is unclear.

But data from the Central Securities Clearing System (CSCS), the widely accepted source for confirming share ownership, has Barbican Capital, which is affiliated with the Oba Otudeko-owned Honeywell Group, as the largest single shareholder with a 15.01 per cent stake.

Records kept by the bank’s registrars, Meristem Registrars & Probate Services Ltd, also showed that Barbican Capital is the single largest shareholder with 5,386,397,202 shares (5.38 billion) shares as of May 23, 2024.

Barbican Capital had sued FBN Holdings for wrongly stating its shareholding in its audited financial statement.

First Bank recently laid off about 100 senior staff members in a major organisational shakeup.

Reports had indicated that the bank’s top executives were asked to leave — as part of its corporate restructuring and repositioning plan for 2025 — following the confirmation of Olusegun Alebiosu as FBN’s managing director (MD) and chief executive officer (CEO) in June last year.

There were also allegations that the exits were part of a concerted effort by Otedola to introduce new hands into several leadership positions in the bank.

It is not clear what Security and Exchange Commission, SEC and the Central Bank of Nigeria, CBN would do in the wake of this CAMA induced demand for an EGM called to remove Otedola and stop the private placement of the bank shares.

The decision, approved by the bank’s board, follows changes to its leadership structure aimed at enabling growth and long-term stability. Earlier this year, Olusegun Alebiosu was appointed managing director and Ini Ebong, deputy managing director earlier in the year.

Sources within the organisation revealed that the restructuring initiative, led by FBN Holdings Chairman Femi Otedola, is intended to bring new perspectives to some roles. 

While some of the staff exits were reportedly voluntary, others were initiated by the bank to simplify its leadership framework. Among those affected was an executive director whose tenure ended by mutual agreement. The departures are one of the most notable management transitions in the bank’s recent history.

FirstBank, which has a strong leadership structure with dozens of executives across its various departments, has been undergoing a dynamic phase since Otedola assumed the chairmanship of FBN Holdings. 

Earlier this year, the institution reshuffled its board, appointing five new directors and introducing Ebenezer Olufowose as Chairman of FirstBank Limited.

These changes aim to place the bank at a top spot in the Nigerian financial sector. In October, Wale Oyedeji was named group managing director of FBN Holdings, further enhancing the institution’s focus on innovation and operational excellence.

The repositioning also coincided with the completion of a ₦149.5 billion rights issue to meet the Central Bank’s recapitalisation targets. FirstBank has recorded a strong performance in 2024, with its share price rising by 18.47% year-to-date.

However, this wave of restructuring comes with challenges. Earlier in the year, the bank terminated over 100 employees following the discovery of a ₦40 billion fraud orchestrated by a former manager, Tijani Muiz Adeyinka. The scandal exposed lapses in the bank’s operational oversight and led to the dismissal of several staff members accused of negligence.

FirstBank’s management has since increased its focus on accountability, with a strong drive against supervisory negligence. These aims to help the bank rebuild trust and ensure adequate operational standards as it embarks on its 2025 agenda.

In a statement made available to journalists on Wednesday afternoon, the billionaire businessman and majority shareholder of Geregu Power Plc, a power generating company, also descended heavily on bank officials in the country, accusing them of profligacy and extravagant spending, including the purchase and maintenance of private jets.

A concerning trend has emerged where some bank chief executives prioritise personal gain over their duty to shareholders and customers,Mr Otedola said. The core values of banking—trust, integrity, and service—must be upheld. I am particularly critical of the culture of flamboyance, especially the ownership and operation of private jets.

Nigerian banks are spending an estimated $50 million annually just on maintaining private jets, with over $500 million gone into purchasing nine private jets by four banks.This level of extravagance significantly erodes public trust in our financial institutions and diverts crucial resources away from vital areas such as operational efficiency, technological innovation, and customer service.

To regain the trust of the Nigerian public and fulfill its pivotal role in the nations economic development, the banking sector must realign its financial priorities. Investments should be channeled into areas that directly improve customer services and enhance technological infrastructure.

Otedola’s message reads:

Dear Members of the Press,

I am writing to express my strong support for the implementation of a windfall tax in Nigeria and to highlight the critical role this measure plays in fostering a fairer and more equitable economic environment.

This endorsement aligns with the ongoing efforts to reform the Nigerian banking sector, aimed at enhancing economic stability and integrity within our financial institutions. Windfall taxes are levies on companies or individuals who receive substantial, unexpected profits due to circumstances beyond their usual control or investment. Taxing these extraordinary gains ensures a fairer distribution of wealth, allowing those who benefit disproportionately to contribute more significantly to the broader societal good.

The revenue generated from windfall taxes can be channeled into essential public services such as healthcare, education, and infrastructure, benefiting all citizens and helping to reduce social inequalities. The recent announcement of a windfall tax on the extraordinary profits earned by Nigerian banks is a significant first step towards achieving these goals.

The consolidation of various foreign exchange rate systems into a single investors and exporters (I&E) window led to the depreciation of the Naira and substantial increases in the value of bank assets denominated in United States Dollars.

This extraordinary gain should be redistributed to fund critical infrastructure development, education, healthcare access, and public welfare initiatives, addressing the intense pressure on public finances and alleviating the cost-of-living crisis many Nigerians face. Furthermore, the financial statements of manufacturing, telecoms, and SMEs indicate that many of these companies may not be able to pay corporate tax for at least the next two years, as they are currently showing negative equity. It is essential for the government to step in and provide support to bridge these gaps, ensuring revenue generation and fostering economic development.

The importance of aligning financial priorities with Nigerians broader economic development goals cannot be overstated. The Federal Governments reforms are both timely and essential for the sustainable growth of our economy.

By taking decisive action to implement these changes, the Federal Government is demonstrating a commitment to ethical leadership and accountability. These reforms will empower our banking sector to play a pivotal role in driving Nigeria’s economic development, ultimately securing a prosperous future for all Nigerians.

I also commend the recent recapitalization initiative in the banking sector, which sets minimum capital requirements of N500 billion for international banks and N200 billion for national banks. This move is designed to strengthen the banking sectors capacity to support Nigerias broader economic development goals. It is crucial for banks to focus on operational efficiency, technological innovation, and customer service, rather than executive extravagance.

Amid the progress with banking sector reforms, there is an urgent need to address entrenched issues within the Nigerian banking sector.

A concerning trend has emerged where some bank chief executives prioritize personal gain over their duty to shareholders and customers. The core values of banking—trust, integrity, and service—must be upheld. I am particularly critical of the culture of flamboyance, especially the ownership and operation of private jets.

Nigerian banks are spending an estimated $50 million annually just on maintaining private jets, with over $500 million gone into purchasing nine private jets by four banks. This level of extravagance significantly erodes public trust in our financial institutions and diverts crucial resources away from vital areas such as operational efficiency, technological innovation, and customer service.

To regain the trust of the Nigerian public and fulfill its pivotal role in the nations economic development, the banking sector must realign its financial priorities. Investments should be channeled into areas that directly improve customer services and enhance technological infrastructure.

I urge all stakeholders in the Nigerian banking sector and the broader economic community to rally behind these visionary reforms. It is time for our financial institutions to embody the highest standards of integrity and service, ensuring a stronger and more resilient economy for all Nigerians.

Sincerely,

Femi Otedola

Coming closely behind him are the Chairman of Globalcom  Dr, Mike Adenuga, and Abdul Samad Rabiu of BUA Group, maintaining Number 5 and 6 spots with a net worth of  $6.9 billion and $5.9 billion respectively.

Dangote’s ally, Femi Otedola, who is Chairman of Geregu Power Plc, ranked among the 20 richest persons in Africa.

Otedola last appeared on the Forbes Africa list in 2017 when he held a controlling stake in Forte Oil.

Forbes in its list released yesterday said the fortunes of Africa’s wealthiest people rebounded slightly in the past 12 months, reversing the decline in their fortunes from a year ago.

On Otedola, Forbes said, “Otedola phased out his oil investments during a government push to privatise the country’s energy business in 2013, using a Forte subsidiary to purchase Geregu, a public power generation plant.

“He owned about 90 per cent of Geregu when it was listed on the Nigerian exchange’s Main Board in 2022, but has since sold shares to institutional investors, which include Afreximbank’s Fund for Export Development in Africa and the State Grid Corporation of China.

“His 73 per cent stake in Geregu is worth more than $850 million, about three-quarters of his $1.1 billion fortune, which puts him at No. 20 on the list.

“After taking Otedola’s comeback into account, Africa’s billionaires dipped slightly, but still fared better than the decline of four per cent last year, when African markets faded in sync with equity values around the world.

“This year, African equities joined a late-year global rally, with the S&P All Africa index rising 10 per cent in the final two months of 2023 but still ended down more than 9% in the 12 months through January 8, 2024,” Forbes stated.

Below is the list of the top 20 richest billionaires in Africa

1. Aliko Dangote – $13.9 billion
2. Johann Rupert & family – $10.1 billion
3. Nicky Oppenheimer & family – $9.4 billion
4. Nassef Sawiris – $8.7 billion
5. Mike Adenuga – $6.9 billion
6. Abdulsamad Rabiu – $5.9 billion
7. Naguib Sawiris -$3.8 billion
8. Mohammed Mansour – $3.2 billion
9. Roos Bekker – $2.7 billion
10. Patrice Motsepe – $2.7 billion
11. Issad Rebrab & family – $2.5 billion
12. Mohammed Dewji – $1.8 billion
13. Strive Masiyiwa – $1.8 billion
14. Aziz Akhannouch & family – $1.7 billion
15. Othman Benjelloun & family – $1.4 billion
16. Youseff Mansour – $1.3 billion
17. Yassen Mansour – $1.2 billion
18. Christoffel Wiese – $1.2 billion
19. Michiel Le Roux – $1.1 billion
20. Femi Otedola – $1.1 billion

This is as billionaire businessman, Femi Otedola, who called the founder of the Dangote Group, Aliko Dangote, his “bestie”, had made a significant acquisition of Dangote Cement shares.

The firm closed trading with a N10.098tn market cap after gaining N917bn, following a 9.99 per cent rise in its stock.

The company closed in 2023 with a market cap worth N5.451tn.

Its share at the close of trading on Monday stood at N590.60 per unit.

This month, it displaced Airtel Africa as the most capitalised stock on the local bourse.

In terms of capital gains, Dangote Cement investors have seen 85.25 per cent appreciation in their investment.

Otedola, explaining his reasoning for buying stakes in Dangote Cement in a statement issued on Monday, said the potential of Dangote Cement to earn foreign exchange as well as its compliance with Environmental, Social, and Governance principles made it an ideal investment for him.

“Dangote Cement’s unique position with two export terminals offers a substantial opportunity to earn foreign exchange, crucial for Nigeria’s economy. This, along with the company’s pan-African presence, makes it an ideal investment choice.

“Dangote Cement’s strong corporate governance and impressive ESG compliance track record make it an ideal investment choice. It represents the type of company that not only contributes to Nigeria’s industrial strength but also aligns with my vision for ethical and sustainable business practices,” Otedola stated.

Otedola added that Dangote Cement’s track record of dividend payments and its commitment to sustainable business were major attractions. [Details]

According to Otedola, said Long-Term Wealth Preservation, Export Potential, and Shareholder Value are the principal reasons motivating him to acquire shares in Dangote Cement.    

In a press release, the prominent entrepreneur and investor emphasized the strategic nature of his investment in Dangote Cement.

Femi Otedola, a distinguished Nigerian entrepreneur and investor, has announced a significant acquisition of shares in Dangote Cement, the only cement company in Nigeria with two export terminals, with a combined export capacity of 8 million tons per annum.

This strategic investment underscores Otedola’s confidence in Dangote Cement’s potential to generate foreign exchange for the country and his dedication to supporting businesses that contribute to Nigeria’s economic resilience.

As Sub-Saharan Africa’s largest cement producer, Dangote Cement boasts an annual production capacity of 51.6 million tons across ten countries.

This extensive footprint not only highlights the company’s dominance in the cement industry but also its crucial role in driving economic growth across the region.

The recent expansion of Dangote Cement, including the new 6 million-ton plant in Itori, Ogun State, enhances its export capacity and emphasizes the company’s contribution to Nigeria’s economic diversification. “Dangote Cement’s export capabilities and extensive operations across Sub-Saharan Africa are essential for regional economic integration and growth,” Otedola commented. “My investment is a testament to my confidence in its potential to propel Nigeria’s and Africa’s industrial and economic development.”

Otedola’s investment aligns with his vision of long-term wealth preservation and the belief that shareholders should be the primary beneficiaries of a company’s success. “Dangote Cement’s unique position with two export terminals offers a substantial opportunity to earn foreign exchange, crucial for Nigeria’s economy. This, along with the company’s pan-African presence, makes it an ideal investment choice,” said Otedola.

Dangote Cement’s track record of dividend payments, exceeding N2.1 trillion in recent years, and its commitment to sustainable business practices resonate with these principles. Otedola’s investment strategy prioritizes companies that are well-managed, have strong governance, and operate under the principle that no individual should be larger than the company.

The news of the investment by Femi Otedola has spurred heightened interest among investors, resulting in a surge in both Dangote Cement and its competitor, BUA Cement.

Following the announcement of Femi Otedola’s foray into Dangote Cement, the company witnessed a surge in share prices, experiencing a significant increase of 9.98% on January 19, 2024. The closing price stood at N538.8, pointing to the impact of Otedola’s strategic investment.

Market data indicates a strong demand for Dangote shares coupled with minimal selling activity, highlighting the bullish sentiment surrounding the stock. This surge is part of a broader positive trend, as Dangote Cement had already gained 8.27% on January 18. The year-to-date return for the company now stands at 68.9%, making it the top-performing SWOOT stock on the NGX.

Furthermore, the market capitalization of Dangote Cement has seen a commendable increase, climbing to N9.18 trillion. This represents a capital gain of N3.215 trillion in just one week, solidifying Dangote Cement’s position as a standout performer in the market.

Interestingly, the move by Femi Otedola appears to have had a ripple effect on Dangote Cement’s competitor, BUA Cement. BUA Cement’s shares experienced a 10% gain on January 19, closing at N148.5. This positive momentum adds to a weekly gain of 45.8% and a year-to-date appreciation of 53.1%, making BUA Cement one of the best-performing stocks on the NGX.

The increased market cap for BUA Cement is noteworthy, rising from N3.45 trillion to N5.03 trillion in the span of a week. This surge signifies a capital gain of N1.58 trillion, further establishing BUA Cement as a strong contender in the market.