By Our Correspondent
National News – Femi Otedola has publicly denied viral claims suggesting he financed the Dangote Petroleum Refinery, describing the reports as false and misleading, in a statement shared on X on Monday, May 4, 2026.
The Nigerian billionaire clarified that he did not invest any funds in the multi-billion-dollar project led by Aliko Dangote, countering widespread social media speculation.
He also emphasized that he was never approached for financing by Dangote Group, and that such claims risk distorting public understanding of Nigeria’s private sector investment landscape, reinforcing calls for accuracy in financial reporting.
Otedola explained that instead of funding the refinery, he had actually expressed interest in participating in a future public offering tied to the project, not as an original financier but as a potential investor under structured capital arrangements.
He further stated that neither Aliko Dangote nor other prominent business figures such as Tony Elumelu or Mike Adenuga were ever involved in personal loan negotiations for the refinery.
According to him, the Dangote Group operates through established corporate financing channels rather than informal borrowing from individuals.
He described the circulating narrative as deliberate misinformation aimed at creating division among leading Nigerian entrepreneurs who have long contributed to job creation and economic growth.
Otedola urged the public to disregard unverified social media claims and warned against the spread of fabricated stories capable of undermining investor confidence.
The clarification comes amid repeated attempts to link the refinery’s funding structure to private personal loans, allegations the Dangote Group has consistently rejected as baseless.
The company maintains that the refinery project followed standard corporate finance procedures.
Otedola also called for responsible use of social media, stressing that false reports can damage reputations and weaken trust in Nigeria’s business ecosystem.
Overall, the issue highlights how misinformation spreads quickly in Nigeria’s digital space, especially around high-profile business figures and billion-dollar infrastructure projects, reinforcing the need for verified reporting and cautious consumption of online content.
