Billionaire businessman Femi Otedola has denied claims that he financed the Dangote Petroleum Refinery, describing the reports as false and misleading.
In a post shared on X on Monday, Otedola said he did not invest any money in the refinery project and faulted those circulating the claim online.
“Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false. He has not invested a single kobo, not one dollar, not one naira.”
Otedola said the true position was that he had only sought a special allocation to participate in the refinery’s planned public offer, not to finance the project.
“The real story, which those peddling these lies conveniently ignore, is that Mr Otedola has actually been requesting a special allocation to participate in the refinery’s forthcoming public offer.”
He also said Aliko Dangote did not approach him, Tony Elumelu or Mike Adenuga for financial support, insisting the project was funded through structured corporate financing.
“I can categorically state that at no point did Alhaji Dangote request for financing from Mr Elumelu, Mr Adenuga and myself. The Dangote Group is a well-structured organisation that is well vast in raising structured capital for its operations.”
Otedola described the report as a deliberate attempt to create division within Nigeria’s private sector and pit business leaders against one another.
“This is calculated mischief and a deliberate attempt to create rifts and sow discord within Nigeria’s closely knit and respected private sector leadership.
These are men who have built businesses, created jobs, and invested in this nation for decades. They deserve better than to be used as props in a social media fabrication.”
He warned those behind the report to stop spreading falsehood, saying social media should not be used to push manufactured stories.
“To those behind this: desist immediately… And to everyone else, social media is not a tool for manufactured drama. Nigeria deserves truth, not lies dressed up as insider information!”
His clarification came a day after Dangote Group dismissed similar claims that the refinery was financed through personal loans and denied reports of any rift between Dangote and Tony Elumelu.
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