By Ibrahim Salaudeen, Lagos
Billionaire businessman Femi Otedola has firmly denied claims linking him to the financing of the Dangote Petroleum Refinery, branding the reports as false and misleading.
Taking to X on Monday, Otedola stated unequivocally that he did not invest in the multi-billion-dollar project, contrary to widespread speculation on social media.
“Reports claiming that I funded the Dangote Petroleum Refinery are completely false. I have not invested a single kobo, not one dollar, not one naira,” he said.
He clarified that while he has shown interest in the refinery, it is only in relation to a possible participation in its upcoming public offer—not as an initial financier.
Otedola also dismissed insinuations that Aliko Dangote sought financial backing from him or other top businessmen such as Tony Elumelu and Mike Adenuga.
“At no point did Alhaji Dangote request financing from any of us. The Dangote Group is well-structured and fully capable of raising its own capital,” he added.
Describing the rumours as deliberate mischief, Otedola warned that such narratives are aimed at creating unnecessary divisions within Nigeria’s business elite.
“This is a calculated attempt to sow discord among respected leaders of the private sector. These are individuals who have built enduring businesses and contributed immensely to the nation. They should not be dragged into fabricated stories,” he said.
He further cautioned against the reckless use of social media, urging the public to prioritise truth over sensationalism.
Otedola’s remarks come amid ongoing efforts by the Dangote Group to debunk similar claims, including allegations of personal loans and a rift between Dangote and Elumelu—claims the company has described as false, malicious, and baseless.
The group reaffirmed that its refinery project was financed through standard corporate structures, not informal personal arrangements, and maintained that its leadership continues to enjoy strong professional relationships.
