Otedola Denies Funding Dangote Refinery, Calls Reports False

Femi Otedola, a billionaire businessman, has publicly denied claims that he funded the Dangote refinery, describing the reports as false and misleading. He clarified that he has not invested any money—neither in naira nor in dollars—into the refinery project.

Otedola urged the public to ignore the circulating claims, which he believes are attempts to create division within Nigeria's business community. He stated that Aliko Dangote, the president of Dangote Group, has not sought financial support from prominent businessmen, including himself, Toni Elumelu, and Mike Adenuga.

Otedola's clarification comes amid ongoing efforts by the Dangote Group to debunk allegations regarding the multi-billion dollar refinery project being financed through personal loans. The company has labeled these claims as false, malicious, and baseless, asserting that the financing structure follows standard corporate processes.

Both Otedola and Dangote maintain a cordial relationship and have warned against the spread of misinformation that could undermine confidence in Nigeria's private sector.