Chairman of First HoldCo Plc, Femi Otedola, has disclosed plans to commit about $100 million to the Dangote Petroleum Refinery following a recent visit to the facility alongside senior executives of the financial group.
The proposed investment was revealed after Otedola and members of the First HoldCo leadership team toured the refinery complex located in the Lekki Free Zone area of Lagos.
The development signals growing interest from major Nigerian investors and financial institutions in large-scale industrial and energy infrastructure projects as domestic refining capacity continues to expand.
Dangote Petroleum Refinery, developed by Dangote Industries Limited, has a refining capacity of 650,000 barrels per day and remains one of the largest single-train refinery projects globally.
The facility was designed to meet Nigeria’s domestic fuel demand while also supplying refined petroleum products to regional and international export markets.
Industry analysts said the planned investment reflects increasing confidence in the refinery’s long-term commercial potential and its strategic role within Nigeria’s downstream petroleum sector.
The refinery has continued to attract attention from investors, financial institutions and market operators amid ongoing changes across Nigeria’s fuel supply and refining landscape.
Stakeholders within the energy sector have also pointed to the refinery’s growing influence on domestic fuel supply, pricing dynamics and import substitution efforts.
Although further details regarding the proposed investment structure were not immediately disclosed, market observers said the move could strengthen broader financial sector participation in Nigeria’s industrial infrastructure space.
The Dangote Refinery has increasingly emerged as a major focal point in discussions surrounding energy security, local refining expansion and industrial development within Africa’s largest economy.