Business mogul Femi Otedola has commended his longtime associate, Aliko Dangote, over the planned expansion of the Dangote Petroleum Refinery, describing it as a transformative project that will outlive its founder.
Otedola made the remarks in a post on his X handle on Sunday, shortly after Dangote announced at a world press conference in Lagos that the refinery’s capacity would be expanded from 650,000 barrels per day to 1.4 million barrels per day.
“My brother and Africa’s pride, @AlikoDangote, addressed a world press conference in Lagos where he unveiled the expansion of the Dangote Petroleum Refinery to 1.4 million barrels per day from 650,000 barrels per day. This makes it the largest refinery ever built in the world,” Otedola wrote.
The business magnate praised Dangote’s sustained commitment to investing in Nigeria and the African continent, noting that such investments represent a lasting legacy that would benefit future generations.
“Aliko’s relentless commitment to investing in Nigeria and Africa will outlive him as these are legacy investments that will define generations,” Otedola stated.
He also highlighted the inclusive nature of the project, revealing that Nigerians would soon have the opportunity to become shareholders in the refinery.
“Soon, Nigerians will own part of this refinery, a powerful reminder that this vision is not just for Dangote, but for all Nigerians and Africans,” he noted.
Otedola further commended President Bola Tinubu for his support of private sector initiatives, particularly those aligned with the administration’s Renewed Hope agenda aimed at building a self-reliant Nigeria.
During the press briefing, Dangote, Africa’s richest man, disclosed that construction work for the expansion would commence without delay, with an estimated 65,000 workers required for the project. He added that 85 per cent of the workforce would be Nigerian.
The industrialist also announced plans to increase the refinery’s power generation capacity from 500 megawatts to 1,000 megawatts, whilst upgrading fuel quality standards from Euro 5 to Euro 6 specifications.
Dangote revealed that the refinery would be listed on the Nigerian Stock Exchange in 2026, allowing ordinary Nigerians to acquire shares in the facility. The expansion is expected to be completed within three years.
