Nigerian billionaire Femi Otedola has firmly denied circulating reports that he played a financial role in developing the Dangote Petroleum Refinery. Taking to social media, Otedola described the claims as entirely baseless, stressing that he did not contribute any funds to the project owned by Aliko Dangote.
Otedola Refutes Funding Allegations
Otedola emphasised that he had not committed “a single kobo” to the refinery, dismissing the allegations as inaccurate and misleading. He stated, “Not one dollar, not one naira” was invested by him in the venture.
Clarification on IPO Interest
Otedola explained that his only connection to the refinery lies in his expressed interest in participating in its anticipated public offering. According to him, reports suggesting financial involvement deliberately ignore this distinction. He noted that the Dangote Group has the expertise and structure required to independently secure funding for its large-scale ventures.
He also addressed speculation involving other prominent figures, including Tony Elumelu, chairman of the United Bank for Africa (UBA), and Mike Adenuga, chairman of Globacom group, both of whom were rumoured to have backed the project. Otedola rejected these claims, stating that Dangote never approached any of them for financial support.
Otedola Cautions Against Misinformation
Describing the reports as a deliberate attempt to create friction among Nigeria’s business elite, Otedola labeled them “calculated mischief.” He argued that such narratives unfairly exploit respected entrepreneurs who have contributed significantly to the country’s economy. The denial follows a similar response from the Dangote Group, which recently refuted claims that the refinery’s development relied on personal loans from associates and also refuted the alleged rift with Elumelu.
The company reiterated that its founder does not depend on informal borrowing from friends to finance major projects, maintaining that its funding approach is institutional and structured. Otedola concluded by urging those spreading the claims to stop, insisting that accurate information—not speculation—should guide public discourse.
Background on Otedola and Dangote Refinery
In related news, Legit.ng earlier reported that billionaire industrialist Femi Otedola had praised the Dangote Refinery following President Bola Tinubu’s visit to the $20 billion facility. Otedola also commended Tinubu for commissioning the Deep Sea Port Access Road, a key infrastructure project in the Lekki Free Trade Zone. He reaffirmed his support for the president’s reforms, which he believes will transform the nation into the greatest success story of the 21st century.
