‘Calculated mischief’: Otedola denies funding Dangote refinery

The Chairman of Geregu Power Plc and FBN Holdings, Femi Otedola, has dismissed reports alleging that he financed the Dangote Petroleum Refinery, describing the claims as false and misleading.

Otedola said he had not invested “a single kobo” in the Dangote refinery, contrary to widespread speculation on social media and other platforms.

He stated: “Reports claiming that I funded the Dangote Petroleum Refinery are completely and utterly false.

“I have not invested a single kobo, not one dollar, not one naira.”

Otedola, in a statement shared on his social media accounts on Monday, May 4, 2026, clarified that rather than financing the project, he had only expressed interest in participating in the refinery’s anticipated public offer through a request for special allocation.

He further stated that at no time did the Chairman of Dangote Group, Aliko Dangote, seek financial support from him or other prominent businessmen, including the Chairman of UBA, Tony Elumelu, and the founder of Globacom, Mike Adenuga.

Otedola described the circulating claims as “calculated mischief” aimed at creating division among Nigeria’s leading business figures, warning that such narratives could undermine the integrity of the country’s private sector.

READ ALSO: NNPC records N276bn profit amid highest gas output in one year

Otedola said: “I can categorically state that at no point did Alhaji Dangote request for financing from Mr Elumelu, Mr Adenuga and myself. The Dangote Group is a well-structured organisation that is well vast 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.

“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!”