Billionaire businessman, Femi Otedola, has refuted reports alleging that he financed the Dangote Petroleum Refinery, describing the claims as inaccurate and misleading.
In a post shared on X on Monday, Otedola clarified that he had no financial involvement in the multi-billion-dollar refinery project, contrary to widely circulated social media narratives.
“Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false. He has not invested a single kobo,” he said.
He explained that his only engagement with the project was requesting a special allocation in order to take part in its proposed public offer, not to fund its construction.
Otedola further stated that Aliko Dangote did not seek financial backing from him or other prominent business leaders such as Tony Elumelu and Mike Adenuga.
He wrote, “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. 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.
“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!”
The clarification follows ongoing efforts by the Dangote Group to debunk similar claims, including reports suggesting a fallout between Dangote and Elumelu.
In a statement released on Sunday, the company described such allegations as unfounded, maintaining that its financing structure adheres to standard corporate practices and that its leadership remains on good terms.
