Dangote never requested funding from Elumelu, Adenuga, myself for refinery – Otedola
Billionaire businessman Femi Otedola has denied claims that he financed the Dangote Petroleum Refinery, describing the reports as false and misleading.
In a post shared on X on Monday, Otedola said he did not invest in the multi-billion-dollar project, contrary to circulating social media reports.
“Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false. He has not invested a single kobo,” he said.
He clarified that rather than funding the refinery, he had only requested a special allocation to participate in its planned public offer.
Otedola also stated that Aliko Dangote did not seek financial support from him or other business figures, including Tony Elumelu and Mike Adenuga.
He wrote, “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!”
The denial comes amid ongoing efforts by the Dangote Group to refute similar reports, including allegations of a rift between Dangote and Elumelu.
In a statement issued on Sunday, the company dismissed such claims as false and baseless, insisting that its financing follows standard corporate procedures and that its leadership maintains cordial relationships.
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