Nigerian billionaire Femi Otedola has broken his silence over viral claims that he contributed $300 million to fund the Dangote Petroleum Refinery, describing the reports as an outright fabrication.
In a post on his verified X account, Otedola wrote: “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.”
Turning the narrative on its head, Otedola revealed the opposite is actually true that he has been seeking to participate in, not fund, the refinery. “The real story, which those peddling these lies conveniently ignore, is that Mr. Otedola has actually been requesting a special allocation to participate in the refinery’s forthcoming public offer,” he wrote.
The billionaire also personally cleared Aliko Dangote’s name, stating categorically that at no point did Dangote request financing from Tony Elumelu, Mike Adenuga, or himself, adding that the Dangote Group is a well-structured organisation capable of raising capital through proper channels.
He described the viral post as “calculated mischief and a deliberate attempt to create rifts and sow discord within Nigeria’s closely knit and respected private sector leadership,” warning that the business figures being dragged into the controversy are men who have built businesses, created jobs, and invested in Nigeria for decades and deserve better than to be used as props in a social media fabrication.
He closed with a direct warning to those behind the post: “Desist immediately. Nigeria deserves truth, not lies dressed up as insider information.”
His statement comes alongside a separate denial from the Dangote Group, which also described the viral claims as false, malicious, and baseless, and threatened legal action against those responsible for creating and circulating the content.
