I did not invest a single kobo in Dangote refinery – Femi Otedola

Billionaire businessman, Femi Otedola, has dismissed claims that he funded the Dangote Petroleum Refinery, describing the reports as false and misleading.

Otedola, in a statement on Monday, said he did not invest “a single kobo” in the multi-billion-dollar refinery project owned by Africa’s richest man, Aliko Dangote.

“Let’s set the record straight: 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 added that, contrary to the circulating reports, he had only expressed interest in participating in the refinery’s forthcoming public offer.

“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 added.

Otedola further clarified that at no point did Dangote request financial support from him or other prominent businessmen, including the Chairman of Heirs Holdings, Tony Elumelu, and Globacom Chairman, Mike Adenuga.

“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 versed in raising structured capital for its operations,” he said.

He described the claims as “calculated mischief” aimed at creating division within Nigeria’s business community.

“This is 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,” Otedola stated.

He also cautioned those spreading the claims to desist, stressing the need for responsible use of social media.

“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 added.

The clarification follows reports alleging that the Dangote Petroleum Refinery was financed through personal borrowing from friends, a claim the Dangote Group has also denied.

In a separate statement, the company described the reports as inaccurate and a misrepresentation of facts.

“As a matter of principle, Aliko Dangote neither finances his projects through personal borrowing from friends nor engages in lending arrangements of that nature,” the company said, adding that such claims must be backed by verifiable evidence.

The Dangote Group also raised concerns over what it described as a growing trend of fabricated statements and the unauthorised use of Dangote’s name and image in AI-generated advertisements and other misleading content.

It warned that such actions pose reputational risks and may amount to fraud, cautioning individuals and platforms involved in the spread of false information to desist or face legal consequences.

The company reaffirmed its commitment to integrity, noting that it would continue to drive industrialisation, economic self-sufficiency, and sustainable development across Africa.