Otedola denied funding Dangote refinery, calling the claims false and misleading.
Billionaire businessman Femi Otedola has denied claims that he financed the Dangote Petroleum Refinery, describing the reports as false and misleading. In a post on X, he stated, “Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false. He has not invested a single kobo, not one dollar, not one naira.”
Otedola clarified that Aliko Dangote never requested financial support, adding that the Dangote Group relies on structured financing. He described the rumours as “calculated mischief” aimed at creating division within Nigeria’s business community.
The Dangote Group also dismissed claims of internal rifts and informal funding, stressing that its refinery project follows standard corporate financing processes.