Femi Otedola has firmly rejected allegations that he bankrolled the Dangote Petroleum Refinery, labeling such claims as inaccurate and deceptive.
In a message posted on X (formerly Twitter) on Monday, the billionaire clarified that he played no financial role in the development of the refinery, countering widespread rumours circulating across social media platforms. He stressed that assertions suggesting he contributed funds to the project are entirely unfounded.
Otedola stated emphatically that he did not commit any money neither in naira nor foreign currency towards the refinery. He explained that narratives portraying him as a backer of the project distort the facts and mislead the public. According to him, the reality is quite different from what has been portrayed online.
He further revealed that, rather than funding the refinery, he had expressed interest in acquiring a stake through the company’s anticipated public offering. He noted that this detail has been deliberately overlooked by those spreading false information.
Addressing speculation about other prominent businessmen, Otedola clarified that Aliko Dangote, president of the Dangote Group, never approached him or other notable figures such as Tony Elumelu and Mike Adenuga for financial assistance regarding the refinery. He emphasized that the Dangote Group operates as a sophisticated corporate entity with the expertise to secure structured funding independently.
He went on to describe the rumours as a calculated effort aimed at stirring tension within Nigeria’s business elite. According to Otedola, such misinformation is designed to create unnecessary friction among respected industry leaders who have contributed significantly to economic growth, job creation, and long-term national development.
Expressing concern over the spread of misleading narratives, he criticized those responsible for using social media to propagate falsehoods. He warned that such actions undermine trust and distract from the achievements of credible entrepreneurs. Otedola urged individuals behind the reports to cease disseminating inaccurate claims and called for greater accountability in online discourse.
He also emphasized the importance of truthfulness in public conversations, noting that social media should not serve as a platform for fabricated stories or sensationalism. He maintained that Nigerians deserve accurate information rather than speculation disguised as insider knowledge.
Otedola’s response comes amid broader efforts by the Dangote Group to counter similar claims suggesting that the multi-billion-dollar refinery project was financed through personal loans from wealthy associates. The company had earlier dismissed reports alleging disagreements between Dangote and Elumelu, describing them as entirely baseless.
In an official statement, the Dangote Group refuted a publication that claimed a fallout between the two business leaders, insisting that no such comments or sentiments were ever expressed. The organisation reiterated that the refinery’s funding followed established corporate financing structures, not informal borrowing arrangements.
The company also underscored that Dangote does not rely on personal loans from friends or associates to execute major projects. It challenged anyone making such allegations to provide credible evidence to support their claims.
Reaffirming its position, the Dangote Group stated that Dangote and Elumelu maintain a strong and cordial relationship. It cautioned against the spread of misinformation, warning that false narratives could erode confidence in Nigeria’s private sector and damage the reputation of its leading business figures.
