Billionaire businessman Femi Otedola has firmly denied reports linking him to the financing of the Dangote Petroleum Refinery, describing the claims as entirely false and misleading.

The clarification comes amid growing speculation online suggesting that Otedola and other top Nigerian business figures played a role in funding the multibillion-dollar project.

Otedola dismisses claim outright

In a statement released on Monday, Otedola stated clearly that he had no financial involvement in the refinery project.

He said, “Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false. I have not invested a single kobo, not one dollar, not one naira.”

His response directly counters viral claims that have circulated across social media platforms in recent days.

Clarifies actual interest in refinery

Otedola explained that his only connection to the project was a request to participate in its planned public offer.

He noted that this detail had been ignored by those spreading the claims.

According to him, the narrative being pushed online does not reflect the true situation surrounding the refinery’s financing.

Other business leaders also not involved

The businessman also addressed reports linking other prominent figures, including Tony Elumelu and Mike Adenuga, to the refinery’s funding.

He stated that none of them were approached for financial support by the Dangote Group.

“I can categorically state that at no point did Alhaji Dangote request for financing from Mr Elumelu, Mr Adenuga and myself,” he said.

He added that the Dangote Group has the capacity to raise structured capital independently without relying on personal borrowing.

Warns against ‘mischief’ and misinformation

Otedola described the circulating reports as a deliberate attempt to create division within Nigeria’s business community.

He said such claims undermine the credibility of individuals who have spent decades building businesses and contributing to the economy.

“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.

Dangote Group had earlier reacted

The development follows an earlier response by the Dangote Group, which also denied claims that the refinery was funded through personal borrowing.

The company insisted that its projects are financed through structured and institutional funding channels, not informal arrangements.

Calls for focus on facts

Otedola urged the public to disregard false narratives and rely on verified information.

He stressed the need for accuracy in public discourse, especially on issues involving major economic investments.