Nigerian billionaire businessman Femi Otedola has denied claims circulating on social media that he funded the Dangote Petroleum Refinery, describing the reports as false and misleading.
In a post shared on his X (formerly Twitter) account on Monday, Otedola stated clearly that he did not invest any money in the refinery project owned by Africa’s richest man, Aliko Dangote.
“Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false. I have not invested a single kobo, not one dollar, not one naira,” he wrote.
He explained that contrary to the viral claims, he only expressed interest in participating in the refinery’s planned public offer when it becomes available.
Otedola further dismissed suggestions that other prominent businessmen, including Tony Elumelu and Mike Adenuga, were involved in financing the project, stressing that Dangote did not seek funding from them.
“I can categorically state that at no point did Alhaji Dangote request financing from Mr Elumelu, Mr Adenuga, and myself,” he said.
He added that the Dangote Group is a well-structured organisation capable of raising capital independently, and does not rely on personal loans or informal financing arrangements.
Describing the reports as “calculated mischief,” Otedola said they were aimed at creating unnecessary division among Nigeria’s leading private sector figures.
“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 social media fabrication,” he added.
He urged those spreading the claims to desist, stressing that Nigeria’s business environment should be guided by truth and accountability rather than misinformation.
The clarification comes amid recent viral claims and counter-statements surrounding the funding structure of the Dangote Petroleum Refinery project.