Business

Otedola to invest $100 million in Dangote Petroleum Refinery through private placement

Published

5 months ago

May 21, 2026

Femi Otedola, the chairman and biggest shareholder of financial services group First HoldCo Plc, hopes to invest $100 million in the proposed private placement of Dangote Petroleum Refinery.

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.

Related Topics:Dangote invest million Otedola Petroleum placement Private refinery

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Keyamo approves design for Lagos airport monorail

Published

2 hours ago

October 20, 2026

PlateauReports

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Minister of Aviation and Aerospace Development Festus Keyamo has approved the design of a proposed monorail to link Ikeja Railway Station in Lagos to Murtala Muhammed International Airport (MMIA) in the state.

The project is expected to connect the airport to the Lagos Red Line rail network, providing passengers and other airport users with an alternative to road transport.

Mr Keyamo announced the approval on Tuesday after a meeting with the managing director of the Federal Airports Authority of Nigeria (FAAN), the permanent secretary of the Federal Ministry of Aviation and engineering teams from the ministry and FAAN.

In a post on X, the minister said the proposed line will have five stations, running from Ikeja Railway Station to the international airport’s Terminal 1, which is currently undergoing reconstruction.

He listed the proposed stations/stops as Ikeja Station, Domestic Airport Station, Beesam Station, Toll Gate Station and MMIA Airport Station.

“The monorail is an integral part of the reconstruction of the nation’s major gateway at the MMIA in Lagos,” Mr Keyamo said.

The design approval follows earlier announcements by the Federal Government about plans to extend rail services from Ikeja to the airport’s domestic and international terminals.

In June, PREMIUM TIMES reported that the government was working with the Lagos State Government to extend the existing rail network to the airport and to expand connectivity.

Recently, Olubunmi Onabanjo-KukuFAAN’she managing directAN, said talks on financing the planned airport rail lint had reached an advanced stage.

Speaking at the World Aviation Festival in Lisbon, Portugal, on 18 October, Ms Onabanjo-Kuku stated that efforts were ongoing to finalise the project’s financing structure.

The planned link is expected to connect the airport’s three terminals to the Red Line as part of its wider modernisation programme.

The proposed rail connection forms part of broader efforts to upgrade facilities at the Lagos airport and improve passenger movement.

Terminal 1 of the international airport is undergoing reconstruction, while other infrastructure upgrades are intended to boost airport operations and the passenger experience.

The airport serves as a major gateway for international travel to and from Nigeria, making access to its terminals crucial for passengers and other users.

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Business

Mbah Rebuilds Technical College, Prepares Enugu Youths for Tech-Driven Future

Published

10 hours ago

October 20, 2026

PlateauReports

Enugu State Governor, Peter Ndubuisi Mbah, has rebuilt Government Technical College (GTC), transforming the once-dilapidated institution into a modern Science, Technical and Vocational education hub equipped with advanced ICT infrastructure, robotics, mechatronics and coding facilities to prepare young people for a technology-driven future.

The initiative forms part of his administration’s broader efforts to strengthen technical education, develop industry-relevant skills and position Enugu youths to take advantage of emerging economic and technological opportunities.

The comprehensive overhaul features newly constructed academic blocks, paved internal roads and upgraded learning facilities, alongside modern ICT infrastructure and industry-grade equipment supporting robotics, mechatronics, coding and programming.

Beyond its infrastructural renewal, GTC is pioneering specialised learning pathways in Science and Technology, Building and Architecture — covering trades such as bricklaying, electrical installation, plumbing and roofing — as well as Industrial Agriculture.

The integration of a Smart Green School within the college premises further creates a pathway linking foundational education with technical and vocational training, preparing students to develop practical competencies from an early stage.

Significantly, GTC is the first of eight planned model Science, Technical and Vocational Schools, with one envisaged for each of Enugu State’s eight federal constituencies. The initiative reinforces the administration’s commitment to expanding access to technical education, nurturing innovation and building a skilled workforce capable of supporting the state’s industrial and economic ambitions.

This is more than the reconstruction of an educational institution. It is an investment in human capital, youth empowerment and the next generation of skilled professionals, innovators and entrepreneurs.

Under Governor Mbah’s leadership, the focus is not merely on building structures, but on creating opportunities, strengthening institutions and laying the foundation for sustainable prosperity.

Sometimes, the picture says it all. Look beyond the structure and see the vision, the investment and the future being built.

The post Mbah Rebuilds Technical College, Prepares Enugu Youths for Tech-Driven Future appeared first on Business Today NG.