I Have Not Invested Single Naira, Dollar In  Dangote Refinery Construction — Otedola Debunks Viral Report

By Rotela Oguns

The chairman of First Bank Holding, Femi Otedola, has debunked a viral report naming him as one of the major financiers of the Dangote Refinery.

Otedola, who expressed concerns over  deliberate fabrication by some social media users, made this known in a statement he posted on his X account, Monday.

The businessman’s reaction was prompted by a claim by a social media user that he and the Chairman of Globacom, Mike Adenuga, had financed the Dangote Refinery.

The social media user also claimed that the refusal of Tony Elumelu, the Chairman of United Bank of Africa, UBA, to make financial commitment to the project caused a rift between the two billionaires.

The  chairman of United Bank of Africa stressed that he had no financial commitment to the project owned by the Africa’s richest man.

The Dangote Refinery has since dismissed the claims as pure falsehood over the weekend.

In his own case, Otedola stated that the purported claims are completely and utterly false.

He, however, disclosed his plan to request a special allocation to participate in the refinery’s forthcoming public offer in the Nigerian Exchange Limited.

“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.

“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.

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

“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,” he wrote on X.