Nigerian businessman and philanthropist Femi Otedola, has denied reports linking him to the financing of the Dangote Petroleum Refinery.
In a statement posted on his X page on Monday, he described the claims as false and deliberately misleading.
Otedola said he had not invested “a single kobo” in the multi-billion-dollar project.
Instead, he explained that his interest lies in participating through formal investment opportunities when the refinery opens to the public.
📢 Stay Updated — Join Our WhatsApp Channel
💬 Be Part of Our WhatsApp Community
Join our WhatsApp Channel for curated updates, breaking stories, and exclusive insights from our newsroom.
📲 Join 👉 NRTC WhatsApp Channel
The $20 billion refinery, spearheaded by Aliko Dangote, has been at the centre of speculation over its funding sources in recent weeks.
Otedola moved swiftly to dispel the rumours, distancing himself, and other prominent business figures, from any such involvement.
“He has not invested a single kobo, not one dollar, not one naira,” he said.
“The real story is that Mr Otedola has been requesting a special allocation to participate in the refinery’s forthcoming public offer.”
Otedola also stressed that Dangote did not approach him or fellow billionaires such as Tony Elumelu and Mike Adenuga for financial support.
READ ALSO
He pointed to the strength of the Dangote Group, noting its ability to raise capital through structured and globally recognised financing channels.
Division
He described the claims as more than mere misinformation, warning that they appeared to be a calculated attempt to stir division within Nigeria’s business community.
While ruling out any past financial involvement, Otedola confirmed his interest in the refinery’s future, particularly its anticipated public offering.
He urged the public to be cautious about unverified claims circulating online and called for greater responsibility in public discourse.
🔍 Explore More
- NRTC English Knowledge Base – Learn, improve, and sharpen your English skills.
- Top Stories From Around the World – Stay informed with the latest global news and insights.
- Specially Curated Listicles – Discover interesting lists, guides, and deep dives selected for our readers.
- Stay Updated: Join our mailing list and never miss the latest articles and updates from NRTC.
He added that Nigeria’s private sector leaders deserve to be represented accurately, not used as “props” in what he termed manufactured narratives.
“Nigeria deserves truth, not rumours dressed up as insider information” he said, urging an end to what he described as deliberate misinformation.
