President of the Dangote Group, Aliko Dangote, yesterday said the company is targeting a private placement of about $2 billion for the refinery.

This comes as his billionaire friend and chairman of First HoldCo, Femi Otedola, revealed he will invest $100 million in Dangote refinery.

The developments were disclosed on Wednesday when Otedola led top executives of First HoldCo to Dangote refinery.

Otedola led top executives of First HoldCo on a tour of the refinery and the fertiliser plans in the Lekki free trade zone area.

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The team also visited key project sites such as the jetty, a facility built by Dangote industries to receive large vessels.

Otedola's planned investment is part of the $2 billion private placement Dangote refinery is targeting from private investors ahead of the initial public offering (IPO), which has no date yet.

The private placement is the latest announcement in the refinery's initial public offering plan (IPO) expected later in the year.

On May 12, Bloomberg reported that Dangote is reportedly targeting a valuation of up to $50 billion for his refinery business ahead of the planned initial public offer (IPO).

In 2025, Dangote said the refinery could sell up to 10 percent stake in the listing, which Bloomberg valued to be about $5 billion.

While the actual date for the IPO is yet to be announced, Dangote refinery is expected to conduct the public listing later this year.

Dangote is planning a cross-border listing, which he said will enable Africans to finance the continent's industrialisation.

"On a personal note, I have appealed to him (Aliko Dangote). I've been here with him 25 times, so my compensation is he's going to allocate to me shares worth $100 million in the private placement," the billionaire said.

"That's one of the reasons why I sold my stake in the Geregu plant to come and invest my proceeds in the IPO of Dangote refinery."