Otedola Denies Request for Special Allocation in IPO

Femi Otedola, a billionaire businessman, refuted claims that he requested a special allocation in the Dangote refinery IPO. He made this statement via a social media post on May 4, 2026, in response to growing misinformation targeting Nigeria's private sector leaders.

The viral claim alleged that Aliko Dangote, Africa's richest man, sought financial assistance from prominent figures, including Otedola, to complete the refinery project. Otedola described these reports as calculated mischief intended to mislead the public and create discord among business leaders.

He urged the public to refrain from spreading false narratives on social media. Additionally, Anthony Chiejina, the Group Chief Brand Communications Officer at Dangote Industries, limited claims regarding Dangote's plans to list as part of efforts to raise funds for the next phase of industrial expansion.

The refinery currently operates at 650,000 barrels per day and is expected to scale to 1.4 million barrels per day, potentially making it the largest refinery globally upon completion.