Billionaire businessman Femi Otedola has refuted claims that he requested a special allocation from Aliko Dangote in the planned initial public offering (IPO) of the Dangote refinery.
Otedola stated this in a social media post shared on his X account on May 4, 2026.
His response comes amid growing misinformation targeting Nigeria’s private sector leaders, including a viral claim alleging that Dangote sought financial assistance from business associates such as Tony Elumelu, Mike Adenuga, and Otedola to complete his refinery project.
What Otedola is saying
Otedola described the report as a calculated mischief aimed at misleading the public and creating division among business leaders.
- “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.”
He added that the report was a deliberate attempt to sow discord within Nigeria’s business community.
- According to him, “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.”
Otedola also warned against the spread of false narratives on social media, urging those responsible to desist while calling for greater responsibility in public discourse.
Get up to speed
A viral post had claimed that Aliko Dangote, Africa’s richest man, sought financial assistance from business associates to complete his refinery project.
The post alleged that Dangote approached prominent figures, including Tony Elumelu, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola, claiming Elumelu initially pledged $20 million before cutting off communication.
It further alleged that others raised $500 million collectively, with Otedola contributing $300 million.
However, in a statement by Anthony Chiejina, Group Chief Branding and Communications Officer at Dangote Industries Limited, the company denied the claims.
- “The Group categorically rejects claims that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends. These assertions are wholly inaccurate and constitute a deliberate misrepresentation of facts,” the statement read.
What you should know
The claims come as Dangote plans to list about 10% of his mega refinery on multiple African stock exchanges as part of efforts to raise funding for the next phase of expansion across his industrial empire.
The billionaire disclosed this in an interview in April, saying, “We will list as much as possible, maybe 10 per cent or so.”
The refinery, currently operating at about 650,000 barrels per day, is expected to scale up to 1.4 million barrels per day—potentially making it the largest refinery globally upon completion.
