By Adesakin Adefemi
Billionaire businessman Femi Otedola on Monday forcefully denied reports that he funded the Dangote Petroleum Refinery, describing the claims as “completely and utterly false” and a deliberate attempt to sow discord among Nigeria’s top business leaders.
In a post on X, the chairman of First HoldCo said he did not invest “a single kobo, not one dollar, not one naira” in the 650,000 barrels-per-day facility owned by Africa’s richest industrialist, Aliko Dangote. “Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false,” he wrote.
Otedola clarified that his only link to the refinery project is an interest in participating in its planned 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 said.
The businessman also rejected viral claims that Tony Elumelu, chairman of United Bank for Africa, and Mike Adenuga, chairman of Globacom Group, were involved in financing the project. He insisted Dangote never sought funds from any of them.
“I can categorically state that at no point did Alhaji Dangote request for financing from Mr Elumelu, Mr Adenuga and myself,” Otedola said. “The Dangote Group is a well-structured organisation that is well versed in raising structured capital for its operations.”
He described the reports as “calculated mischief” aimed at creating division within Nigeria’s private sector. “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 added.
The billionaire urged those behind the claims to desist, saying “Nigeria deserves truth, not lies dressed up as insider information.” He warned that such fabrications distract from the real work of building the economy.
Otedola’s rebuttal follows a similar denial by Dangote Group last week. The company dismissed a post by an X user who alleged that Dangote had run out of funds mid-construction in 2021 and borrowed from friends to complete the refinery.
“The group categorically rejects claims that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends,” the company said. It stressed that Dangote does not borrow from friends to finance projects and does not engage in such lending arrangements.
The Dangote Refinery, located in the Lekki Free Zone, is Africa’s largest single-train refinery and began phased operations in 2024. A public offer is expected as part of the company’s long-term capital structure plans, though no date has been announced.
