Billionaire businessman Femi Otedola has dismissed reports alleging he financed the Dangote Petroleum Refinery, describing the claims as “completely and utterly false.”
Gatekeepers News reports that in a post on X (formerly Twitter) on Monday, Otedola stated that he did not invest “a single kobo” in the refinery owned by Aliko Dangote.
“Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false,” he said.
“I have not invested a single kobo, not one dollar, not one naira.”
Otedola clarified that his only involvement with the project has been an interest in participating in its planned public offer.
“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 said.
He also refuted claims that other prominent businessmen — Tony Elumelu, chairman of the United Bank for Africa, and Mike Adenuga, chairman of Globacom — were involved in funding the project.
“I can categorically state that at no point did Alhaji Dangote request for financing from Mr Elumelu, Mr Adenuga and myself,” Otedola said.
“The Dangote Group is a well-structured organisation that is well versed in raising structured capital for its operations.”
He described the circulating reports as “calculated mischief” aimed at creating division among Nigeria’s business elite.
“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 said.
Otedola urged those behind the claims to desist, stressing that “Nigeria deserves truth, not lies dressed up as insider information.”
Dangote Group Also Rejects Claims
The denial comes days after the Dangote Group also refuted similar claims circulating online.
The company rejected assertions that the Dangote Petroleum Refinery was financed through personal borrowing from friends, describing such reports as false.
“The group categorically rejects claims that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends,” the company said.
It added that Dangote does not rely on informal lending arrangements to fund large-scale projects.
