Billionaire Femi Otedola has dismissed viral reports claiming he privately funded the Dangote Petroleum Refinery, describing the allegations as “completely and utterly false” in a statement posted Monday on X his handle.
The entrepreneur clarified he has “not invested a single kobo, not one dollar, not one naira” in the project, which is owned by Africa’s richest man, Aliko Dangote.
Otedola emphasized that Dangote never sought financing from himself, Mike Adenuga, or Tony Elumelu, calling the rumors “calculated mischief” aimed at sowing discord among Nigeria’s private sector leadership.
“The Dangote Group is a well-structured organisation that is well vast in raising structured capital for its operations,” Otedola stated, urging the public to ignore “social media fabrications”.
Instead of private investment, Otedola revealed he is requesting a “special allocation” to participate in the refinery’s upcoming public offer, signaling his continued confidence in the massive industrial project.
This clarification comes as the $20 billion facility reaches full operational capacity, with plans to float a $2 billion Pan-African Initial Public Offering (IPO) later in 2026.
The proposed IPO will offer a 10% stake to public investors across regional exchanges, marking a significant milestone for Africa’s largest single-train refinery and the continent’s capital markets.
