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Nigerian businessman Femi Otedola has disclosed that he has not invested “a single kobo, not one dollar, not one naira” in the Dangote Petroleum Refinery, dismissing social media reports claiming otherwise.
Otedola made the statement in a post on X on Monday.
“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 wrote.
Instead, Otedola said he has been “requesting a special allocation to participate in the refinery’s forthcoming public offer.”
Otedola also stated that Aliko Dangote, the president of Dangote Group, never requested financing from him, Tony Elumelu, the Chairman of Heirs Holdings; or Mike Adenuga, the Chairman/CEO at Globacom Ltd.
“I can categorically state that at no point did Alhaji Dangote request for financing from Mr Elumelu, Mr Adenuga and myself,” he said.
He described the Dangote Group as “a well-structured organisation that is well vast in raising structured capital for its operations.”
Otedola called the reports “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 warned those behind the reports to “desist immediately” and cautioned the public against believing social media fabrications.
“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!” Otedola added.
Otedola’s clarification comes amid ongoing efforts by the Dangote Group to debunk reports alleging that the multi-billion-dollar refinery project was financed through personal borrowing from business associates.
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. The real story, which those peddling these lies conveniently ignore, is…
— Femi Ote$ (@realFemiOtedola) May 4, 2026
The denial comes after the Dangote Group itself pushed back against similar claims. In a statement on Sunday, the company rejected reports of a rift between Aliko Dangote and Tony Elumelu, calling them “false, malicious, and baseless.”
“The Dangote Group has become aware of a publication titled ‘Aliko Dangote Speaks Out on Why He Distanced Himself from Tony Elumelu’, which is false, malicious, and baseless. At no time did the President or the Group make such statements or express such sentiments,” the company said.
It also denied that the refinery was funded through informal personal loans, insisting that proper corporate processes were followed.
“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,” the statement added.
The two businessmen’s relationship is still friendly, according to the Dangote Group, which cautioned that disseminating misleading information could erode trust in Nigeria’s private sector.
— Dangote Group (@DangoteGroup) May 4, 2026
