Nigerian businessman Femi Otedola has dismissed widespread reports claiming he funded the Dangote Petroleum Refinery, describing such assertions as “completely and utterly false.”
In a statement shared via his official X (formerly Twitter) handle, Otedola clarified that he has “not invested a single kobo, not one dollar, not one naira” in the refinery project owned by Africa’s richest man, Aliko Dangote.
“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,” the statement read.
Otedola further addressed claims suggesting that prominent Nigerian business leaders, including Tony Elumelu and Mike Adenuga, were approached to finance the project. He categorically denied such reports.
“I can categorically state that at no point did Alhaji Dangote request for financing from Mr. Elumelu, Mr. Adenuga and myself,” he said.
He emphasized that the Dangote Group possesses the institutional capacity to independently raise capital for its large-scale ventures, noting that it remains “a well-structured organisation that is well vast in raising structured capital for its operations.”
Describing the circulating claims as “calculated mischief,” Otedola warned that such narratives are a deliberate attempt to create divisions among Nigeria’s leading private sector figures.
“This is a deliberate attempt to create rifts and sow discord within Nigeria’s closely knit and respected private sector leadership,” he added.
Otedola also defended the reputations of the individuals mentioned, noting that they have contributed significantly to Nigeria’s economic growth through decades of investment and job creation.
“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 stated.
He concluded with a strong warning to those spreading misinformation, urging them to desist immediately, while calling on the public to prioritize truth over sensationalism.
“Nigeria deserves truth, not lies dressed up as insider information,” Otedola said.
Discussion about this post