Otedola to Inject $100m into Dangote Refinery After Inspection Visit

Nigerian billionaire businessman Femi Otedola is set to invest $100 million into the Dangote Refinery following an inspection visit to the facility, in a move expected to strengthen investor confidence in Africa’s largest oil refinery project.

Sources close to the development disclosed that Otedola made the commitment after touring the multi-billion-dollar refinery located in Lagos, where he assessed ongoing operations and future production capacity. The refinery, owned by Aliko Dangote, is projected to significantly reduce Nigeria’s dependence on imported petroleum products.

Industry analysts say the investment signals growing private sector confidence in the refinery’s long-term profitability, particularly as Nigeria struggles with fuel supply challenges and rising import costs. The facility is expected to refine 650,000 barrels of crude oil per day when fully operational.

Otedola’s planned injection is also seen as a strategic move to deepen his footprint in the downstream oil and gas sector. The businessman, who has investments across energy and finance, has recently shown renewed interest in large-scale industrial ventures.

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Officials familiar with the deal noted that the funds will likely be directed toward operational expansion and efficiency improvements as the refinery scales up output. The investment may also help stabilise fuel supply in the domestic market.

The development comes at a time when Nigeria is pushing for energy independence and local refining capacity. Experts believe increased private investment in infrastructure projects like the Dangote Refinery will ease pressure on foreign exchange and improve economic stability.

Neither Otedola nor Dangote Group has issued an official statement, but insiders describe the move as part of broader efforts to reposition Nigeria’s energy sector.