Otedola Debunks Claims of Funding Dangote Refinery

Femi Otedola Denies Funding Dangote Refinery

Nigerian billionaire businessman Femi Otedola has dismissed widespread claims that he financed the Dangote Petroleum Refinery, describing the reports as false, misleading, and a deliberate attempt to create division within Nigeria’s business community.

In a statement shared on X, Otedola clarified that he did not invest any funds in the refinery project, countering viral social media narratives suggesting otherwise.

“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,” he said.

He explained that the real position—often ignored in circulating claims—is that he has shown interest in participating in the refinery’s planned public offer (IPO), where he hopes to secure an allocation as an investor.

Otedola also clarified that the President of the Dangote Group, Aliko Dangote, did not seek financial support from him or other prominent Nigerian businessmen, including Tony Elumelu and Mike Adenuga.

“I can categorically state that at no point did Alhaji Dangote request financing from Mr. Elumelu, Mr. Adenuga, and myself. The Dangote Group is a well-structured organisation capable of raising capital through formal channels,” he added.

The billionaire described the claims as “calculated mischief”, warning that such narratives are designed to sow discord within Nigeria’s private sector leadership.

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“This is a deliberate attempt to create rifts among respected business leaders who have built companies, created jobs, and contributed to the Nigerian economy for decades,” he said.

Otedola further warned those spreading false information to desist, stressing the importance of responsible social media use and accurate reporting.

“To those behind this, desist immediately. Social media should not be used for manufactured drama. Nigeria deserves truth, not fabricated stories,” he stated.

The clarification comes amid similar denials by the Dangote Group over claims that the multi-billion-dollar Dangote Refinery was financed through personal borrowing from business associates.

In an earlier statement, the company described reports alleging a rift between Dangote and Elumelu as “false, malicious, and baseless,” insisting that no such statements were made by either party.

The group also rejected claims that the refinery project was funded through informal loans, emphasising that its financing structure follows standard corporate funding models, including institutional investments and structured financing arrangements.

“As a matter of principle, Aliko Dangote does not finance projects through personal borrowing from friends. Anyone making such claims should provide verifiable evidence,” the company stated.

The Dangote Group reiterated that Dangote and Elumelu maintain a cordial relationship, warning against the spread of misinformation that could undermine confidence in Nigeria’s business environment.

Valued at over $19 billion, the Dangote Refinery remains one of Africa’s largest industrial projects and is expected to play a key role in boosting Nigeria’s refining capacity, reducing fuel imports, and strengthening non-oil exports.

Industry analysts say the development highlights the growing impact of social media on business narratives and the need for fact-based reporting, especially on high-profile investments.

Femi Otedola Denies Funding Dangote Refinery