"Not One Dollar, Not One Naira": Otedola Blasts Dangote Refinery Funding Rumours

• Femi Otedola has denied claims that he funded the Dangote Refinery, saying he did not invest any money in the project owned by Aliko Dangote
• He clarified that his only involvement was expressing interest in the refinery’s planned public offer, not financing its construction
• Otedola also dismissed reports linking Tony Elumelu and Mike Adenuga to the project, calling the claims false and divisive

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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.

Nigerian billionaire Femi Otedola has firmly denied circulating reports that he played a financial role in developing the Dangote Petroleum Refinery.

Taking to social media on Monday, May 4, 2026, Otedola described the claims as entirely baseless, stressing that he did not contribute any funds to the project owned by Aliko Dangote.

He emphasised that he had not committed “a single kobo” to the refinery, dismissing the allegations as inaccurate and misleading.

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Otedola clarifies interest in Dangote IPO

Otedola explained that his only connection to the refinery lies in his expressed interest in participating in its anticipated public offering. According to him, reports suggesting financial involvement deliberately ignore this distinction.

He also addressed speculation involving other prominent figures, including Tony Elumelu the chairman of the United Bank for Africa (UBA) and Mike Adenuga, chairman of Globacom group, both of whom were rumoured to have backed the project.

Otedola rejected these claims, stating that Dangote never approached any of them for financial support.

The statement read in part:

“Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false. I have not invested a single kobo, not one dollar, not one naira.”

He added that the Dangote Group has the expertise and structure required to independently secure funding for its large-scale ventures.

Otedola cautions against misinformation

Describing the reports as a deliberate attempt to create friction among Nigeria’s business elite, Otedola labeled them “calculated mischief.”

He argued that such narratives unfairly exploit respected entrepreneurs who have contributed significantly to the country’s economy.

The denial follows a similar response from the Dangote Group, which recently refuted claims that the refinery’s development relied on personal loans from associates and also refuted the alleged rift with Elumelu.

The company reiterated that its founder does not depend on informal borrowing from friends to finance major projects, maintaining that its funding approach is institutional and structured.

Otedola concluded by urging those spreading the claims to stop, insisting that accurate information—not speculation—should guide public discourse.

Otedola gives Dangote's Refinery a "nickname"

In related news, Legit.ng earlier reported that billionaire industrialist Femi Otedola had praised the Dangote Refinery following President Bola Tinubu’s visit to the $20 billion facility

Otedola also commended Tinubu for commissioning the Deep Sea Port Access Road, a key infrastructure project in the Lekki Free Trade Zone

Otedola reaffirmed his support for the president’s reforms, which he believes will transform the nation into the greatest success story of the 21st century.