Nigerian billionaire Femi Otedola has rejected claims circulating online that he financed the Dangote Petroleum Refinery, describing the reports as false and misleading.
In a statement shared on X on Monday, Otedola said he did not contribute any financial support to the project 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.”
He clarified that his only interest was in participating in the refinery’s planned public offer, not in funding its construction.
“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 added.
Otedola also dismissed suggestions that other prominent businessmen, including Tony Elumelu and Mike Adenuga, were involved in financing the project.
He stressed that Dangote never approached him or the others for any form of funding.
“I can categorically state that at no point did Alhaji Dangote request for financing from Mr Elumelu, Mr Adenuga and myself,” he said.
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“The Dangote Group is a well-structured organisation that is well versed in raising structured capital for its operations.”
He further described the viral narrative as “calculated mischief” aimed at creating unnecessary tension among Nigeria’s top business figures.
“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 the public to disregard such claims, insisting that accurate information should be prioritised over online speculation.