Otedola denies funding Dangote Refinery, describes claims as false
Billionaire businessman, Femi Otedola, has dismissed reports alleging that he financed the Dangote Petroleum Refinery, describing the claims as false and misleading. In a post shared on X on Monday,
Billionaire businessman, Femi Otedola, has dismissed reports alleging that he financed the Dangote Petroleum Refinery, describing the claims as false and misleading.
In a post shared on X on Monday, Otedola stated that he had no financial involvement in the refinery project, contrary to circulating social media narratives.
“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 request financial support from him or other top 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.
He described the claims as a deliberate attempt to sow discord 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.
Otedola also warned those responsible for spreading the claims to desist, stressing the importance of responsible social media use.
“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.
The clarification comes amid ongoing efforts by the Dangote Group to debunk reports suggesting 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 procedures.
“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 Dangote and Elumelu continue to enjoy a cordial relationship, warning against the spread of misinformation capable of undermining confidence in Nigeria’s private sector.
