Otedola Denies Funding Dangote Refinery, Warns Against False Reports

Billionaire entrepreneur Femi Otedola has refuted claims that he financially supported the Dangote Petroleum Refinery, calling the assertion utterly untrue and a conscious effort to mislead the public.

In a statement issued on Monday, Otedola indicated that he did not allocate any funds toward the refinery, countering the rumors circulating on social media platforms.

He emphasized that instead of being a contributor to the refinery’s funding, he has been pursuing a special allocation that would allow him to be part of the upcoming public offering for the refinery.

He remarked, “The assertions that Femi Otedola provided funding for the Dangote Petroleum Refinery are wholly and entirely incorrect. He has not contributed even a single kobo, nor a dollar, nor a naira.

“The true situation, which those spreading these falsehoods conveniently overlook, is that Mr. Otedola has been seeking a special allocation for involvement in the impending public offering of the refinery.”

Dangote Never Sought Financial Support, States Otedola

Otedola further dismissed statements suggesting that Aliko Dangote, the head of the Dangote Group, has reached out to him or other notable Nigerian entrepreneurs for funding assistance for the refinery initiative.

He asserted that the Dangote Group is a well-organized entity capable of securing the necessary funding for its projects without engaging in the type of scenario being suggested.

He stated, “I can firmly assert that at no time did Alhaji Dangote seek financial support from Mr. Elumelu, Mr. Adenuga, or myself.

“The Dangote Group is a highly organized institution adept at raising structured capital for its endeavors.”

‘Deliberate Mischief’

The businessman characterized the report as deliberate mischief, saying it aimed to create conflict among prominent individuals in Nigeria's private sector.

Otedola mentioned that the people implicated in the claim have dedicated many years to building their businesses, generating employment, and investing in Nigeria’s economy, emphasizing that they should not be ensnared in what he termed a fabrication originating from social media.

He stated, “This is a calculated attempt at mischief and a conscious effort to create divisions and foster discord within the respected leadership of Nigeria’s closely linked private sector.

“These individuals have built enterprises, created jobs, and committed to this nation over many years. They deserve to be treated with more respect than being utilized as instruments in a social media fabrication.”

Otedola Issues Warning Against Social Media False Claims

Otedola cautioned those responsible for the report to cease the dissemination of false information, asserting that social media should not serve as a platform for creating drama or misguiding Nigerians.

He added, “To those responsible for this: stop immediately. And to everyone else, social media should not be utilized for creating drama. Nigeria deserves honesty, not deceit disguised as insider knowledge!”