Nigerian billionaire, Femi Otedola, has dismissed reports alleging that he financed the Dangote Petroleum Refinery, describing the claims as entirely false and misleading.
In a statement issued on Monday, Otedola clarified that he has not invested any funds in the refinery. He explained that, contrary to the circulating reports, he has only expressed interest in securing a special allocation to participate in the refinery’s upcoming public offer.
“Claims that I funded the Dangote Petroleum Refinery are completely untrue. I have not invested a single kobo,” he stated.
No Funding Request from Aliko Dangote
Otedola also refuted suggestions that the President of the Dangote Group, Aliko Dangote, sought financial support from him or other top Nigerian businessmen.
According to him, the Dangote Group has the expertise and structure to raise capital independently and has never required such arrangements.
He further stated that at no time did Dangote approach him, Tony Elumelu, or Mike Adenuga for funding related to the refinery project.
Describes Report as ‘Mischief’
Otedola characterized the claims as a deliberate attempt to create division among Nigeria’s leading business figures. He stressed that those mentioned in the report have long contributed to economic growth, job creation, and national development, and should not be dragged into unfounded narratives.
He described the story as “calculated mischief” aimed at stirring unnecessary tension within the private sector.
Warns Against Spread of False Information
The businessman also cautioned individuals spreading the report to desist, emphasizing that social media should not be used to circulate falsehoods or create sensational narratives.
He urged the public to prioritise verified information, noting that Nigeria deserves accurate reporting rather than fabricated claims presented as insider facts.