Nigeria, May 21 -- 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 five times, so my compensation is that he's going to allocate to me shares of $100 million in the private placement," 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 inst...