Fidelia Soriwei, Abuja
Chairman of First HoldCo Plc, Femi Otedola, has announced plans to invest $100 million in the Dangote Petroleum Refinery & Petrochemicals.
Otedola disclosed the development on Wednesday during a visit to the refinery alongside top executives of First HoldCo.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, hosted the delegation at the Lagos refinery complex in what the company described as a demonstration of growing collaboration between Africa’s industrial and financial sectors.
According to a statement shared on the company’s verified X handle, the engagement reflected a shared commitment among African business leaders to deepen industrialisation, expand production capacity and strengthen regional self-sufficiency.
“More than a visit, the engagement reflects the growing alignment between Africa’s industrial and financial leadership around a shared belief that the continent’s future must be built on production, infrastructure, energy security, and long-term investment in African capacity,” the statement read.
The company described the Dangote Petroleum Refinery and Petrochemicals project as one of the largest industrial investments on the African continent and a major symbol of Africa’s expanding industrial potential.
It added that the refinery continued to attract strategic interest from institutions and business leaders focused on strengthening industrial growth and reshaping Africa’s economic future through local production and infrastructure development.
“As one of the largest industrial projects on the continent, the Dangote Petroleum Refinery & Petrochemicals stands as a symbol of what is possible when ambition is matched with execution at scale,” the statement added.
