Nigerian billionaire Femi Otedola has dismissed reports alleging that he financed the Dangote Petroleum Refinery, describing the claims as entirely untrue.
In a post shared on X on Monday, Otedola said he did not contribute any money to the project owned by Africa’s richest man, 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 explained that rather than funding the project, he only showed interest in participating in its planned public offering.
“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 claims that other business figures, including Tony Elumelu and Mike Adenuga, were involved in financing the refinery.
According to him, Dangote never approached him or the others for financial support.
“I can categorically state that at no point did Alhaji Dangote request for financing from Mr Elumelu, Mr Adenuga and myself,” he said.
“The Dangote Group is a well-structured organisation that is well versed in raising structured capital for its operations.”
He described the viral claims as deliberate misinformation aimed at causing division among Nigerian business leaders.
“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 narratives, adding that “Nigeria deserves truth, not lies dressed up as insider information”.
His response follows recent denials from the Dangote Group over similar social media claims suggesting internal funding difficulties and personal borrowing linked to the refinery project.
