Femi Otedola, chairman of First HoldCo, has said proceeds from the sale of his stake in Geregu Power Plc will be channelled into the planned private placement and IPO of the Dangote Petroleum Refinery.

Speaking during a visit to the refinery alongside top executives of First HoldCo, Otedola disclosed that he would acquire shares worth $100 million in the refinery’s private placement.

“That’s one of the reasons why I sold my stake in Geregu plant, to come and invest my proceeds in the IPO of Dangote Refinery,” Otedola said.

The billionaire investor praised Aliko Dangote for his industrial investments across Africa, noting that he had accompanied Dangote on several trips to commission cement plants across the continent.

Otedola’s planned investment forms part of the refinery’s ongoing $2 billion private placement ahead of a proposed initial public offering later this year.

Read also: Otedola to invest $100m in Dangote refinery via private placement

Dangote refinery, with a capacity of 650,000 barrels per day, is expected to conduct a cross-border listing aimed at attracting both domestic and international investors while broadening African participation in industrial investments.