The billionaire tycoon made this known to journalists during a tour by the management team of First HoldCo to the refinery in Lagos on Wednesday.

“On a personal note, I have approved him. I’ve been here with him 25 times, so my compensation is that he’s going to allocate to me shares valued at $100 million in the private placement. That was one of the reasons I sold my shares in Geregu Power Plants — to invest in the IPO of Dangote Refinery,” Mr Otedola said of Aliko Dangote, Africa’s richest man and owner of the refinery.

Dangote Petroleum Refinery, Africa’s largest oil refinery, is raising $2 billion through a private placement targeting institutional investors and high-net-worth individuals.

A similar plan to source $5 billion through an initial public offering, equivalent to 10 per cent of its valuation, is also in the works. According to a Bloomberg report this month, the refinery is targeting a valuation of around $50 billion ahead of the planned share sales.

Mr Otedola noted that he hopes to invest part of the proceeds from the divestment of his shareholding in Geregu Power, an electricity generation company he took public in October 2022, in the private placement.

He sold his stake in the power company last December in a $750 million transaction.

The refinery is looking to list the shares from the planned offers across multiple stock exchanges through cross-border listings, opening them to investors in different markets.

The command also impounded other vehicles for overloading and mixloading.

The vehicles were impounded during a Strategic Intervention Patrol tagged “Operation Guduma” on Wednesday in Jos.

Speaking, Rebecca Aremu, the Assistant Corps Marshal (ACM) on Special Duties at FRSC headquarters, said that the operation aimed at tackling illegal and fake diplomatic number plates, mixloading, and overloading in the state.

She explained that the operation, which commenced on Monday, is currently being enforced in 10 other states of the federation.

She named the states to include Rivers, Delta, Anambra, Ogun, Lagos, Kano, Kaduna, Oyo, Enugu, and Nasarawa.

Ms Aremu, who decried the rise in overloading by commercial drivers, added that fake and illegal diplomatic number plates contravened the National Road Traffic Regulation.

She further said that the special operation aimed at achieving sanity and ensuring safety on highways.

“Overloading has caused untold pain for Nigerians, so we are here to address it.

“Using fake diplomatic number plates is a risk; it contravenes the national road safety regulations.

“It also poses a serious threat to national security.

“So far, we have impounded 89 vehicles: 14 for mixloading, 61 for overloading, and 14 for number plate violation in Plateau,” she said.

Earlier, the Sector Commander in Plateau, Adelaja Ogungbemi, said that officers and men of the command had been deployed for the special operation.

“We have given our marshals a marching order that it is no business as usual; we have also sent out signals to the motoring bodies in the state.

“We want to stop the use of fake diplomatic number plates and other unwholesome practices by motorists on highways,” Mr Ogungbemi said.

(NAN)