Chairman of First HoldCo Plc, Femi Otedola, has refuted claims linking him to the financing of the multi-billion-dollar Dangote Petroleum Refinery, insisting he has not invested any funds in the project.
Otedola made the clarification in a statement posted on his verified X (formerly Twitter) handle on Monday, describing reports of his involvement as “completely and utterly false.”
The denial follows recent speculations that Otedola, alongside Chairman of United Bank for Africa, Tony Elumelu, and Globacom Chairman, Mike Adenuga, were among key financiers of the refinery.
However, Otedola categorically dismissed the claims, stating that he neither contributed financially nor was approached to fund the project.
“Let’s set the record straight: 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,” he wrote.
He further revealed that contrary to the circulating reports, his interest in the refinery is limited to a prospective investment through its anticipated public offer.
“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 added.
Otedola also disclosed that at no time did the President of the Dangote Group, Aliko Dangote, seek financial support from him or the other businessmen mentioned.
“I can categorically state that at no point did Alhaji Dangote request financing from Mr. Elumelu, Mr. Adenuga, and myself,” he said.
He cautioned against the spread of misinformation, urging those responsible to desist, while stressing the need for accuracy in public discourse.
“To those behind this: desist immediately… Nigeria deserves truth, not lies dressed up as insider information,” Otedola stated.
The Dangote Refinery had earlier dismissed similar claims over alleged financial arrangements and internal disagreements, describing them as unfounded.
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