Dare Babalola
Billionaire businessman and Chairman of Geregu Power Plc, Femi Otedola, has dismissed reports claiming that he financed the Dangote Petroleum Refinery, describing the allegation as completely false.
Otedola made the clarification in a post on X on Monday, where he accused those behind the claim of spreading misinformation and attempting to create division among leading Nigerian business figures.
He wrote, “Let’s set the record straight.
“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.”
He added that contrary to the circulating claims, he had only sought an opportunity to participate in the refinery’s planned public offer.
“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 said.
Otedola also denied suggestions that Africa’s richest man, Aliko Dangote, sought financial support from him or other notable businessmen, including Tony Elumelu and Mike Adenuga.
“I can categorically state that at no point did Alhaji Dangote request for financing from Mr Elumelu, Mr Adenuga and myself,” he stated.
According to him, the Dangote Group remains financially structured and capable of independently sourcing capital for its operations.
“The Dangote Group is a well-structured organisation that is well vast in raising structured capital for its operations,” he added.
Otedola further described the report as a deliberate attempt to sow discord within Nigeria’s private sector leadership.
“This is calculated mischief and a deliberate attempt to create rifts and sow discord within Nigeria’s closely knit and respected private sector leadership.
“These are men who have built businesses, created jobs, and invested in this nation for decades. They deserve better than to be used as props in a social media fabrication.”
He warned those responsible for spreading the claims to stop immediately, while urging Nigerians to verify information shared online.
“To those behind this: desist immediately.
“And to everyone else, social media is not a tool for manufactured drama. Nigeria deserves truth, not lies dressed up as insider information,” Otedola said.
