Billionaire businessman Femi Otedola has dismissed viral claims that he financed the multi-billion-dollar Dangote Petroleum Refinery, describing the reports as false and misleading.
In a statement shared on X, Otedola said he has not invested “a single kobo” in the project and insisted the circulating narrative was fabricated.
“Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false,” he wrote, adding that he has never provided financial backing to the refinery project.
He also clarified that Aliko Dangote did not approach him or other prominent businessmen such as Tony Elumelu and Mike Adenuga for financing.
According to him, the refinery’s parent company, Dangote Group, is financially structured and capable of raising capital through established corporate channels without informal borrowing.
Otedola described the claims as a “calculated mischief” aimed at creating divisions within Nigeria’s business community, stressing that leading investors in the country deserve respect rather than misinformation.
“This is calculated mischief and a deliberate attempt to create rifts,” he said, urging the public to disregard false social media narratives.
He further warned against the spread of unverified stories online, calling for more responsible use of social media platforms.
The clarification comes amid ongoing public discussions about the funding structure of the Dangote Refinery, which has been the subject of widespread speculation despite repeated denials from the Dangote Group.
The company has consistently maintained that the project was financed through standard corporate and structured funding arrangements, not personal loans from business associates.