Otedola Hails Dangote’s $20bn Refinery Expansion, Describes It as a Legacy for Future Generations

Otedola praises Dangote’s $20bn refinery expansion, calls it a legacy for future generations

Business magnate Femi Otedola has applauded his longtime associate and Africa’s richest man, Aliko Dangote, following the announcement of a major expansion of the Dangote Petroleum Refinery.

In a post on his X handle on Sunday, Otedola celebrated the refinery’s planned capacity boost from 650,000 to 1.4 million barrels per day, describing the project as a monumental achievement in global industrial development.

He wrote, “My brother and Africa’s pride, Aliko Dangote, 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.”

Commending Dangote’s vision, Otedola said his unwavering dedication to investing in Nigeria and Africa represents a generational legacy that will continue to shape the continent’s industrial and economic future.

He added that Nigerians would soon have the opportunity to own part of the refinery, a move that underscores Dangote’s inclusive vision for national growth.

“Aliko’s relentless commitment to investing in Nigeria and Africa will outlive him. These are legacy investments that will define generations. 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,” Otedola stated.

He also commended President Bola Tinubu for his continued support of private sector-led initiatives driving the Renewed Hope agenda toward building a stronger, self-reliant Nigeria.

Dangote, during the Lagos press briefing, announced that construction work on the expansion would begin immediately. The upgrade will increase the refinery’s power generation capacity from 500MW to 1,000MW and raise product quality from Euro 5 to Euro 6 standards.

He disclosed that about 65,000 workers — 85 per cent of them Nigerians — would be engaged for the expansion project, which is expected to be completed within three years.

Dangote further revealed plans to list the refinery on the stock exchange by 2026, allowing Nigerians to become shareholders in what will be the world’s largest refinery upon completion.