Billionaire businessman Femi Otedola has refuted claims that he contributed financially to the construction of the Dangote Petroleum Refinery, describing such reports as false and misleading.
In a post shared on X on Monday, Otedola stated that he did not invest “a single kobo” in the multi-billion-dollar project.
“Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false. He has not invested a single kobo,” he said.
He clarified that his only involvement was requesting a special allocation to participate in the refinery’s planned public offer, not direct funding.
Otedola further disclosed that Aliko Dangote did not seek financial support from him or other prominent business figures such as Tony Elumelu and Mike Adenuga.
“I can categorically state that at no point did Alhaji Dangote request for financing from Mr Elumelu, Mr Adenuga and myself,” he said.
He described the circulating reports as a deliberate attempt to create division within Nigeria’s business community, stressing that the Dangote Group is a structured organisation capable of independently raising capital.
“This is calculated mischief and 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,” he added.
Otedola also cautioned against the spread of misinformation online, urging those responsible to desist and calling on the public to prioritise truth over sensational claims.
The clarification comes amid ongoing efforts by the Dangote Group to debunk similar reports, including allegations of a rift between Dangote and Elumelu.
In a statement issued on Sunday, the company dismissed the claims as baseless, maintaining that its financing processes follow standard corporate procedures and that its leadership maintains cordial relationships.
Elijah Adeyemi
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