Dangote Never Sought Refinery Funds From Me, Elumelu, Or Adenuga – Femi Otedola

Billionaire businessman Femi Otedola has reacted to a report claiming that Aliko Dangote had a disagreement with Tony Elumelu after allegedly seeking financial support for his refinery project.

The report had claimed that during the construction of the Dangote Petroleum Refinery in 2021, Dangote reportedly asked several wealthy business figures for funding, including Otedola, Abdulsamad Rabiu, Mike Adenuga, and Elumelu.

It further alleged that Elumelu promised $20 million but did not follow through, while other associates were said to have contributed large sums.

Reacting in a post on Monday on X, Femi Otedola denied the report, describing it as “completely and utterly false”.

According to him, he has “not invested a single kobo, not one dollar, not one naira” in the Refinery.

“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!”

His response came shortly after the Dangote Group also denied the report, saying that the story misrepresents both personal and corporate positions.