Femi Otedola denies funding Dangote refinery, calls reports false

Billionaire businessman, Femi Otedola, has dismissed claims that he financed the Dangote Petroleum Refinery, describing the reports as false and misleading.

In a post shared on X on Monday, Otedola said he did not invest in the refinery project, contrary to circulating social media claims.

“Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false. He has not invested a single kobo, not one dollar, not one naira

” 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.

Otedola further clarified that the President of the Dangote Group, Aliko Dangote, did not seek financial support from him or other prominent businessmen.

“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,” he added.

Otedola described the circulating claims as a deliberate attempt to create division within Nigeria’s business community.

“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,” he said.

He also warned those behind the reports to desist, stressing the need for responsible use of social media.

“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!” he stated.

Otedola’s clarification comes amid ongoing efforts by the Dangote Group to debunk reports alleging that the multi-billion-dollar refinery project was financed through personal borrowing from business associates, including Tony Elumelu and Mike Adenuga.

In a statement issued on Sunday, the company described as “false, malicious, and baseless” claims of a rift between Dangote and Elumelu, stressing that neither the businessman nor the organisation made such remarks attributed to them.

“The Dangote Group has become aware of a publication titled ‘Aliko Dangote Speaks Out on Why He Distanced Himself from Tony Elumelu’, which is false, malicious, and baseless. At no time did the President or the Group make such statements or express such sentiments,” the statement read in part.

The company also dismissed claims that the refinery was funded through informal personal loans, insisting that its financing structure followed standard corporate processes.

“As a matter of principle, Aliko Dangote neither finances his projects through personal borrowing from friends nor engages in lending arrangements of that nature. Any individual making such claims should provide verifiable evidence to substantiate them,” it added.

The Dangote Group maintained that both Dangote and Elumelu continue to enjoy a cordial relationship, warning against the spread of misinformation capable of undermining confidence in Nigeria’s private sector.