Otedola debunks funding Dangote Refinery

Abdullateef Fowewe

Billionaire businessman, Femi Otedola has fired back at circulating reports alleging he bankrolled the Dangote Petroleum Refinery, labeling them as baseless fabrications aimed at dividing Nigeria’s elite business community.

“Let’s set the record straight: 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,” Otedola stated in a direct social media post on Monday.

He further disclosed, “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.”

Otedola, known for his stakes in energy and banking sectors, categorically denied any funding requests from refinery owner Aliko Dangote.

“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 wrote, defending fellow tycoons Tony Elumelu and Mike Adenuga.

Describing the rumours as “calculated mischief and a deliberate attempt to create rifts and sow discord within Nigeria’s closely knit and respected private sector leadership,” Otedola called out the perpetrators: “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!”

The Dangote Refinery, a landmark project capable of processing 650,000 barrels of crude oil per day, has drawn global attention as Nigeria eyes energy self-sufficiency.

Its upcoming public offer is anticipated to attract significant investor interest.