Billionaire businessman Femi Otedola has debunked reports alleging that Aliko Dangote fell out with Tony Elumelu over a failed financial support request during the refinery project.
The viral post, which has since been disowned, claimed that Dangote ran out of funds in 2021 when the refinery was halfway completed and sought financial assistance from business associates, including Otedola, Abdulsamad Rabiu, Mike Adenuga, and Elumelu.
It further alleged that while Elumelu initially promised $20 million but later became unreachable, other associates reportedly raised $500 million, with Otedola contributing $300 million.
However, reacting in a post on X, Otedola described the claims as “completely and utterly false”, firmly denying any financial involvement in the refinery.
According to him, he has “not invested a single kobo, not one dollar, not one naira” in the project.
“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. 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.
“I can categorically state that at no point did Alhaji Dangote request for financing from Mr Elumelu, Mr Adenuga and myself .
“The Dangote Group is a well-structured organisation that is well vast in raising structured capital for its operations. 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. 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’s response follows an earlier denial by Dangote Group, which also described the circulating claims as false and misleading.
The company clarified that neither Dangote nor the organisation made the statements attributed to them, stressing that the report misrepresented both individual and corporate positions.