Billionaire businessman Femi Otedola has firmly denied claims that he played any financial role in the Dangote Petroleum Refinery, calling the reports inaccurate and misleading.
In a post shared on his official social media platform X, Otedola stated that he has not invested “a single kobo” in the project. He explained that contrary to the circulating rumors, his only involvement has been seeking an opportunity to participate in the refinery’s anticipated public offering.
He also clarified that Aliko Dangote, president of the Dangote Group, never approached himor other prominent figures like Tony Elumelu and Mike Adenuga for financial support. According to Otedola, the Dangote Group has a strong structure and is fully capable of raising capital independently.
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Describing the rumors as intentional misinformation, Otedola warned that such narratives could create unnecessary tension within Nigeria’s business community. He urged those spreading false claims to stop and emphasized the importance of responsible social media use.
His remarks follow a separate statement from the Dangote Group dismissing reports of internal disputes and claims that the refinery was financed through personal loans. The company labeled such allegations as baseless and reaffirmed that its funding followed formal corporate channels.
The group also stressed that Dangote maintains positive relationships with his peers, cautioning against misinformation that could damage trust in Nigeria’s private sector.
