Otedola announces $100m investment plan in Dangote Refinery

Chairman of First HoldCo, Femi Otedola, has revealed plans to invest $100 million in the Dangote Group refinery.

Otedola made the announcement on Wednesday following a visit to the refinery alongside senior executives from First HoldCo, describing the move as a major investment decision in Nigeria’s energy sector.

Located in the Lekki Free Zone in Lagos, the Dangote Refinery is a 650,000-barrel-per-day petroleum and petrochemical facility designed to significantly boost local fuel production and reduce dependence on imported petroleum products.

Regarded as the world’s largest single-train refinery, the facility is owned by the Dangote Group and is expected to meet Nigeria’s domestic fuel demand while also exporting surplus refined products to other African markets.

The proposed $100 million investment highlights growing confidence in the refinery’s long-term economic potential and its strategic role in reshaping Nigeria’s oil and gas industry.