Otedola: I didn’t fund Dangote Refinery, claims are false

Billionaire investor Femi Otedola has publicly dismissed circulating claims that he financed the $20 billion Dangote Group’s petroleum refinery project, describing the reports as inaccurate and deliberately misleading.

In a statement shared via his official X account on Monday, Otedola clarified that he has not contributed any financial support “not a kobo, not a dollar, not a naira”—to the development of the Dangote Petroleum Refinery.

He stressed that contrary to social media narratives, the widely circulated claims suggesting his involvement in funding the refinery were entirely false. According to him, the story being promoted online was a distortion of facts and not based on any verified engagement.

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No financing request from Dangote

Otedola further addressed speculation around the financing structure of the refinery, stating that neither Aliko Dangote nor the Dangote Group approached him or other prominent Nigerian business figures, including Tony Elumelu and Mike Adenuga, for funding support.

He noted that the Dangote Group operates as a highly structured corporate entity with access to established capital-raising mechanisms, adding that it does not rely on informal borrowing from individual business associates.

Warning against misinformation

Describing the viral claims as “calculated mischief,” Otedola warned that such narratives were designed to create unnecessary division within Nigeria’s private sector community.

He argued that the country’s leading entrepreneurs who have invested heavily in job creation and economic development over several decades should not be subjected to misinformation or used to fuel online speculation.

Otedola also cautioned against the misuse of social media, urging greater responsibility in the dissemination of financial and business-related information.

Dangote Group also reacts

His clarification comes amid similar denials from the Dangote Group, which has been actively countering reports alleging internal disputes or unconventional financing arrangements linked to the refinery project.

In its own statement, the company described such claims as “false, malicious, and baseless,” rejecting suggestions that the refinery was funded through personal loans from Nigerian billionaires.

The group reaffirmed that its financing approach adheres to standard corporate and institutional funding structures and does not involve private lending arrangements between business owners.

It also emphasized that relations between Aliko Dangote and fellow industrialist Tony Elumelu remain cordial, warning against narratives capable of undermining confidence in Nigeria’s private sector.