Femi Otedola has debunked claims that he invested in the Dangote refinery.

He wrote on his X handle:

Nigerian billionaire who made his first fortune in commodities before selling his shares in Forte Oil to invest in the energy business.

“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 financing from Mr Elumelu, Mr Adenuga, and myself. The Dangote Group is a well-structured organisation that is well-versed 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”.

He warned those behind the story to stop spreading the fake news.

“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!”