Chairman of First HoldCo, Femi Otedola, has revealed plans to invest $100 million in the Dangote Refinery.
Otedola disclosed the development on Wednesday during a visit to the refinery alongside senior executives of First HoldCo.
The billionaire businessman’s planned investment is expected to further strengthen confidence in the refinery project, which remains one of the largest industrial investments in Africa.
Although full details of the investment structure were not immediately disclosed, the move signals growing interest from major Nigerian investors and corporate leaders in the refinery’s operations and long-term potential.
The Dangote Refinery, owned by billionaire industrialist Aliko Dangote, has continued to attract attention within Nigeria’s oil and gas sector due to expectations that it could significantly reduce the country’s dependence on imported petroleum products.
Industry observers believe the refinery could also help improve foreign exchange stability, create jobs and strengthen local refining capacity in Nigeria.
Otedola’s visit with top executives of First HoldCo comes amid ongoing discussions about investment opportunities, energy security and the future of Nigeria’s downstream petroleum industry.
