Businessman Femi Otedola has denied claims that he funded the Dangote petroleum refinery, describing the report as false.
A social publication titled “Aliko Dangote Speaks Out on Why He Distanced Himself from Tony Elumelu,” had alleged that in 2021, during the construction of the refinery, Dangote sought financial support from associates, including Otedola, Abdulsamad Rabiu, Mike Adenuga and Tony Elumelu.
It further claimed that while Elumelu promised 20 million dollars but became unreachable, others raised 500 million dollars, with Otedola contributing 300 million dollars.
Reacting in a post on X on Monday, Otedola dismissed the report.
“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.
“I can categorically state that at no point did Alhaji Dangote request for 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. 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. 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’s response followed a separate denial by Dangote Group, which said claims that there was a rift between Dangote and Elumelu were baseless.
In a statement signed by its group chief branding and communications officer Anthony Chiejina, the company said neither Dangote nor the group made the claims attributed to them and that the publication misrepresented both personal and corporate positions.
The group also rejected claims that the refinery was financed through personal borrowing from friends.
“As a matter of principle, Aliko Dangote neither finances his projects through personal borrowing from friends nor engages in lending arrangements of that nature,” the statement said, adding that such claims must be supported by verifiable evidence.
Dangote Group said there is no rift between Dangote and Elumelu, noting that both men maintain a longstanding relationship.
It also raised concern over what it described as fabricated statements and unauthorised use of Dangote’s name and image in misleading content, warning that such actions may pose reputational risks and could amount to fraud.
The company cautioned those involved in spreading false information to desist and said it would take legal action where necessary.
