Billionaire businessman Femi Otedola has denied reports alleging that he funded the Dangote Petroleum Refinery, describing the allegation as completely false and a deliberate attempt to mislead the public.
Otedola, in a statement released on Monday, said he had not invested any money in the refinery, contrary to claims being circulated on social media.
He stated that rather than being a financier of the refinery, he had been seeking a special allocation to enable him to participate in the refinery’s forthcoming public offer.
He said, “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 that Mr. Otedola has actually been requesting a special allocation to participate in the refinery’s forthcoming public offer.”
Dangote Never Requested Funding, Says Otedola
Otedola also denied claims that the President of the Dangote Group, Aliko Dangote, approached him or other prominent Nigerian businessmen to fund the refinery project.
According to him, Dangote Group is a well-structured organisation with the capacity to raise capital for its operations without resorting to the kind of arrangement being alleged.
He said, “I can categorically state that at no point did Alhaji Dangote request financing from Mr Elumelu, Mr Adenuga and myself.
“The Dangote Group is a well-structured organisation that is well vast in raising structured capital for its operations.”
‘Calculated Mischief’
The businessman described the report as calculated mischief, saying it was designed to create tension among respected figures in Nigeria’s private sector.
Otedola said the individuals mentioned in the claim had spent decades building businesses, creating jobs and investing in the Nigerian economy, adding that they should not be dragged into what he called a social media fabrication.
He said, “This is 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.”
Otedola Warns Against Social Media Falsehood
Warning those behind the report to stop spreading falsehood, Otedola said social media should not be used to manufacture drama or mislead Nigerians.
He added, “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!”
