Otedola denies funding Dangote refinery, says he's seeking public offer allocation instead
Femi Otedola rejected viral social media claims that he invested in Aliko Dangote's Petroleum Refinery, stating in an April 29 X post that he has "not invested a single kobo, not one dollar, not one naira" in the project. He called the allegations of providing $300m financial assistance "completely and utterly false," adding that Dangote never requested financing from him, Elumelu, or Rabiu.
The billionaire clarified his actual position: he is currently requesting a special allocation to participate in the refinery's forthcoming public offer. Otedola framed the viral reports as "calculated mischief" aimed at sowing discord among Nigeria's private sector leaders who have "built businesses, created jobs, and invested in this nation for decades."
Dangote Group corroborated this denial through Chief Branding Officer Anthony Chiejina, stating neither Aliko Dangote nor the company made the claims attributed to them, and that the publication misrepresents both personal and corporate positions.
For investors tracking the Dangote Refinery's public offer, Otedola's denial clarifies he is not a current funder but seeks inclusion via the upcoming share sale—directly relevant to understanding the refinery's actual funding structure and investment opportunities.