Billionaire businessman Femi Otedola has dismissed reports suggesting he financed the Dangote Petroleum Refinery, describing the claim as entirely false and misleading.
In a statement issued on Monday, Otedola clarified that he has not invested any funds in the refinery project, contrary to narratives circulating on social media. He explained that his interest lies in securing a special allocation that would allow him participate in the refinery’s planned public offer.
He stated that claims portraying him as a financier of the project are baseless, stressing that he has not committed any financial resources to it.
Otedola also refuted allegations that Aliko Dangote, President of the Dangote Group, approached him or other top Nigerian businessmen for funding. According to him, the Dangote Group has the capacity and structure to independently raise capital for its operations without relying on such arrangements.
He emphasised that at no point was there any request for financial support from Dangote to himself or other prominent figures mentioned in the reports.
Describing the claims as “calculated mischief,” Otedola said the reports were aimed at creating unnecessary tension among key players in Nigeria’s private sector. He noted that the individuals referenced have spent years building businesses, generating employment, and contributing to the nation’s economic growth, and should not be dragged into unfounded narratives.
He further warned those spreading the misinformation to desist, stressing that social media should not be used to fabricate stories or mislead the public. Otedola urged Nigerians to rely on accurate information, adding that the country deserves truth rather than sensational claims presented as insider knowledge.
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