Lagos, NIGERIA — Billionaire businessman and Chairman of First HoldCo, Femi Otedola, has issued a strongly worded rebuttal to viral reports claiming he provided funding for the Dangote Petroleum Refinery.
In a statement on Monday, Otedola categorically denied investing any capital into the facility, describing the rumors as “calculated mischief” designed to sow discord among Nigeria’s private sector leaders.
Otedola clarified that rather than being an early investor, he is actually seeking to participate as a public shareholder in the refinery’s upcoming Initial Public Offering (IPO).
Okay News reports that the Dangote Group is currently preparing for a landmark $2 billion pan-African IPO, scheduled to open this month, which will see a 10% stake in the $20 billion refinery offered to the public on the Nigerian Exchange (NGX) and other regional markets. “Mr. Otedola has actually been requesting a special allocation to participate in the refinery’s forthcoming public offer,” the statement noted.
Beyond the financial denial, Otedola took the opportunity to defend the reputations of his peers, including Tony Elumelu and Mike Adenuga, stating that at no point did Alhaji Aliko Dangote request financing from any of them. He emphasized that the Dangote Group is a sophisticated, well-structured organization capable of raising its own structured capital for its 650,000-barrel-per-day operations. The billionaire warned against using social media as a tool for “manufactured drama,” urging Nigerians to prioritize truth over “insider information” fabrications.
The refinery, which recently reached its full nameplate capacity, has been a central pillar of the Renewed Hope economic narrative, with Otedola himself previously projecting that it could drive the Naira below ₦1,000/$1 by the end of 2026. Otedola concluded by urging those behind the rumors to desist immediately, reaffirming that leadership in business, like in governance, should be defined by service and job creation rather than social media rifts.
