Dangote never requested funding from Elumelu, Adenuga, myself for refinery – Otedola
Billionaire Otedola Denies Funding Claims for Dangote Refinery
Billionaire businessman Femi Otedola has rejected reports suggesting he provided financial support for the construction of the Dangote Petroleum Refinery, calling such claims false and misleading.
In a post shared on X on Monday, Otedola stated he did not invest “a single kobo” into the multi-billion-dollar project.
“Reports claiming that I funded the Dangote Petroleum Refinery are completely and utterly false,” he said. He clarified that he had only sought a special allocation to participate in the planned public offering of the refinery.
Otedola emphasized that Aliko Dangote did not seek financial assistance from him or other prominent figures, including Tony Elumelu and Mike Adenuga.
“I can categorically state that at no point did Alhaji Dangote request financing from Mr. Elumelu, Mr. Adenuga, and myself,” he wrote. “The Dangote Group is a well-structured organization adept at raising capital for its operations. This is calculated mischief and a deliberate attempt to create rifts within Nigeria’s private sector leadership.”
He underscored the respectable business history of Dangote, Elumelu, and Adenuga, asserting that they deserve better than being used as subjects in social media rumors.
“To those behind this: desist immediately,” Otedola added. “And to everyone else, social media is not a tool for manufactured drama. Nigeria deserves truth, not lies dressed as insider information.”
This statement follows ongoing efforts by the Dangote Group to counter similar allegations, including reports of discord between Dangote and Elumelu. In a prior statement, the company dismissed such rumors as baseless and reaffirmed that its financing adheres to standard corporate procedures while preserving cordial relationships among its leadership.
