Billionaire Femi Otedola denies funding Dangote refinery, expresses interest in upcoming IPO
Billionaire investor Femi Otedola has denied reports claiming he funded the construction of the Dangote Petroleum Refinery, describing the allegations as “completely and utterly false.”
Black News 
Billionaire investor Femi Otedola has denied reports claiming he funded the construction of the Dangote Petroleum Refinery, describing the allegations as “completely and utterly false.”
- Femi Otedola denied reports claiming he funded the Dangote Petroleum Refinery, stating he has not invested any money in the project.
- He clarified on X that he has not contributed even a single kobo, dollar, or naira to the refinery.
- The Dangote Group also dismissed claims that prominent business figures provided personal loans for the refinery’s construction.
- Otedola expressed interest in the upcoming public offering of the refinery and has requested a special allocation
Billionaire investor Femi Otedola has denied reports claiming he funded the construction of the Dangote Petroleum Refinery, describing the allegations as “completely and utterly false.”
In a statement posted on X, Otedola said he has not invested “a single kobo, not one dollar, not one naira” in the project, rejecting social media claims suggesting otherwise.
Otedola’s clarification comes amid efforts by the Dangote Group to dismiss reports claiming that the multi-billion-dollar refinery project was funded through personal loans from prominent business figures.
Built by Africa’s richest man, Aliko Dangote, the $20 billion refinery is set to be opened to investors, with up to 10% of it expected to be sold through a multi-exchange listing across Africa, a move that has attracted strong market interest.
Interest in IPO
Otedola clarified that, while he did not finance the refinery, he has expressed interest in participating in its upcoming public offering and is seeking a special allocation for that purpose.
"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,” he said on X.
He also rejected claims that Nigeria’s leading business figures were approached for funding support during the project’s development. According to him, billionaire Aliko Dangote did not request financing from him or other top entrepreneurs, including Tony Elumelu and Mike Adenuga.
"The Dangote Group is a well-structured organisation that is well vast in raising structured capital for its operations," he stressed.
He described the circulating claims as “calculated mischief” aimed at creating unnecessary tension among Nigeria’s leading private-sector figures, stressing that such narratives distort the relationships among some of the country’s most influential business leaders.
“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,” he said.
Otedola urged those spreading the claims to stop immediately, adding that social media should not be used to manufacture false narratives about the country’s business community.
