Billionaire investor Femi Otedola has publicly denied allegations that he provided financial backing for the Dangote Petroleum Refinery, insisting the reports circulating online are inaccurate and misleading.
In a statement shared on his X account on Monday, Otedola stressed that he did not contribute any funds to the refinery project in any form, dismissing the claims as completely false.
He explained that rather than financing the project, he had actually expressed interest in participating in the refinery’s planned public offering, contradicting narratives suggesting he was a backer of the development.
According to him, the President of the Dangote Group, Aliko Dangote, never reached out to him or other prominent Nigerian industrialists, including Tony Elumelu and Mike Adenuga, to source funding for the refinery.
He noted that the conglomerate operates with strong financial structure and has established systems for raising capital independently.
Otedola also condemned what he described as a coordinated attempt to misrepresent relationships within Nigeria’s private sector, warning that such narratives could create unnecessary tension among leading business figures.
He argued that the individuals mentioned in the viral claims have spent decades building enterprises that contribute significantly to employment and economic growth, adding that they should not be dragged into baseless online speculation.
The businessman further urged the public to be more cautious about information shared on social media, stressing that misinformation is increasingly being packaged as insider knowledge.
He wrote that “social media should not be turned into a space for manufactured stories,” adding that the country deserves accurate reporting rather than distorted narratives.
The clarification follows ongoing discussions around how the Dangote Refinery was financed, with some online reports alleging private borrowing from top Nigerian business leaders—claims that have been consistently denied.
The Dangote Group has also rejected those allegations, describing them as false and damaging. The company maintained that the refinery was funded through structured corporate financing arrangements, not informal loans from individuals.
It further dismissed rumours of disagreements between Aliko Dangote and other business leaders, stating that professional and cordial relationships remain intact within Nigeria’s private sector.
