Femi Otedola has denied funding the Dangote Petroleum Refinery, calling the claims “completely and utterly false.”

In an X post on Monday, the billionaire stated that he had not invested “a single kobo” in the refinery, which is owned by Africa’s richest entrepreneur, Aliko Dangote.

“Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false,” he said.

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

Otedola said that, contrary to the assertions, he had just expressed an interest in participating in the refinery’s planned public offering.

“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,” he said.

The billionaire further dismissed allegations that Tony Elumelu, chairman of the United Bank for Africa (UBA), and Mike Adenuga, chairman of the Globacom group, were involved in financing the project.

He said Dangote never sought funding from him or the other businessmen and described the allegations as an intentional attempt to cause rift among private sector leaders.

“I can categorically state that at no point did Alhaji Dangote request for financing from Mr. Elumelu, Mr. Adenuga, and myself,” he said.

“The Dangote Group is a well-structured organisation that is well versed in raising structured capital for its operations.”

Otedola described the reports as “calculated mischief” aimed at sowing discord within Nigeria’s business community.

“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 said.

He encouraged individuals making the allegations to stop, stating that “Nigeria deserves truth, not lies dressed up as insider information.”

The billionaire’s statement comes a few days after Dangote Group denied a post by an X account managed by one Oghneminehhhhh, who claimed Dangote said, “In 2021, when the refinery I was building was only half-completed, I ran out of funds to continue the project.”

“The group categorically rejects claims that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends,” the company said.

Dangote Group stated that the founder does not borrow from friends to fund projects and does not engage in such funding arrangements.