Refinery: Dangote never requested funding from me, Elumelu, Adenuga – Otedola
Business mogul Femi Otedola has denied reports alleging that he funded the Dangote Petroleum Refinery, describing the claims circulating online as untrue and deceptive.
In a statement posted on X on Monday, Otedola said he had no financial stake in the refinery project and faulted social media narratives suggesting otherwise.
“Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false. He has not invested a single kobo, not one dollar, not one naira
“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 billionaire investor also stated that President of Dangote Group, Aliko Dangote, never approached him or other leading businessmen for financial assistance toward the refinery development.
“I can categorically state that at no point did Alhaji Dangote request for financing from Mr Elumelu, Mr Adenuga and myself. The Dangote Group is a well-structured organisation that is well vast in raising structured capital for its operations,” he added.
Otedola further alleged that the rumours were intentionally designed to stir tension among top players in Nigeria’s business sector.
“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 said.
He cautioned those spreading the claims to stop immediately, while urging Nigerians to avoid using social media irresponsibly.
“To those behind this: desist immediately… And to everyone else, social media is not a tool for manufactured drama. Nigeria deserves truth, not lies dressed up as insider information!” he stated.
Otedola’s reaction follows continued efforts by the Dangote Group to counter reports suggesting that the refinery project was financed through private loans obtained from associates such as Tony Elumelu and Mike Adenuga.
The company, in a statement released on Sunday, dismissed allegations of a disagreement between Dangote and Elumelu, describing the reports as fabricated and unfounded.
“As a matter of principle, Aliko Dangote neither finances his projects through personal borrowing from friends nor engages in lending arrangements of that nature. Any individual making such claims should provide verifiable evidence to substantiate them,” it added.
The Dangote Group also reiterated that Dangote and Elumelu maintain a strong relationship and warned against the spread of false information capable of damaging trust in Nigeria’s organised private sector.
