Nigerian businessman Femi Otedola has dismissed claims that he financed the construction of the Dangote Petroleum Refinery, stating that he neither invested in the project nor received any funding request from its promoter.
In a statement shared via his official X account, Otedola described the reports linking him to the refinery’s funding as inaccurate, stressing that he did not contribute financially to the multi-billion-dollar facility developed by Aliko Dangote.
He clarified that his only involvement was expressing interest in participating in a potential public offering of the refinery, rather than providing capital for its construction.
Otedola further stated that Dangote did not seek financial support from other prominent business figures, including Tony Elumelu and Mike Adenuga.
According to him, the Dangote Group has the institutional capacity and established structures required to raise funding independently, without relying on informal contributions from individuals.
He also cautioned against the spread of unverified information, describing the claims as an attempt to create unnecessary tension within Nigeria’s private sector leadership.
The clarification follows earlier denials by the Dangote Group, which has consistently rejected allegations surrounding the refinery’s financing and suggestions of disagreements among leading business figures.
The company maintains that its funding arrangements adhere to standard corporate financing practices and that its relationships with key industry stakeholders remain intact.