In a post shared on X on Monday, Otedola stated clearly that he has no financial stake in the refinery, contrary to widespread speculation on social media.
“Claims suggesting that Femi Otedola funded the Dangote Petroleum Refinery are entirely false. He has not invested any amount—no kobo, no dollar, no naira,” he said.
He went on to explain that the actual situation is being misrepresented, noting that he has instead expressed interest in participating in the refinery’s upcoming public offer.
“The real story—often ignored by those spreading these claims—is that Mr. Otedola has been seeking a special allocation to take part in the refinery’s planned public offer,” he added, as reported by Naija Street Matters.
Otedola also clarified that Aliko Dangote, president of the Dangote Group, never approached him or other top businessmen for financial backing.
“I can state categorically that Alhaji Dangote never requested funding from Mr. Elumelu, Mr. Adenuga, or myself. The Dangote Group is a properly structured organisation with the capacity to raise capital through formal channels,” he said.
He further described the rumours as a calculated move aimed at causing division among Nigeria’s business elite.
“This is deliberate mischief intended to create tension and sow discord within Nigeria’s respected private sector. These individuals have built businesses, created jobs, and contributed to the nation’s growth for decades. They should not be dragged into fabricated social media narratives,” Otedola stated.
He also issued a warning to those spreading the claims, urging them to stop and encouraging responsible use of online platforms.
“To those behind this, stop immediately. Social media should not be used to spread manufactured drama. Nigeria deserves facts, not falsehoods presented as insider information,” he added.
Otedola’s response comes as the Dangote Group continues efforts to counter similar claims suggesting that the multi-billion-dollar refinery was financed through personal loans from associates such as Tony Elumelu and Mike Adenuga.
In a statement released on Sunday, the company dismissed reports of any fallout between Dangote and Elumelu, calling such claims unfounded and malicious.
“The Dangote Group has seen a publication titled ‘Aliko Dangote Speaks Out on Why He Distanced Himself from Tony Elumelu’, which is completely false and baseless. Neither the President nor the Group made such statements,” part of the statement read.
The company also refuted suggestions that the refinery project was funded through informal personal borrowing, emphasizing that its financing followed established corporate procedures.
“As a matter of principle, Aliko Dangote does not fund projects through personal loans from friends, nor does he engage in such arrangements. Anyone making such claims should provide verifiable proof,” the statement added.
The Dangote Group maintained that Dangote and Elumelu remain on good terms, warning against the spread of misinformation that could damage trust in Nigeria’s private sector.
