Lagos, Nigeria — Prominent Nigerian businessman Femi Otedola has publicly refuted circulating reports suggesting he provided financial backing for the Dangote Petroleum Refinery, clarifying his lack of investment in the massive project.
In a recent statement shared on his X (formerly Twitter) account, Otedola categorically denied the claims, asserting that he has “not invested even a single kobo, dollar, or naira” into the refinery’s construction. This clarification aims to quell ongoing speculation regarding the funding sources for the $19 billion facility.
The Dangote Group, led by Africa’s richest man Aliko Dangote, echoed this dismissal, also refuting assertions that several high-profile business figures had extended personal loans to finance the refinery’s development.
Despite not being involved in the construction financing, Otedola indicated keen interest in the refinery’s future, specifically confirming his intent to participate in its anticipated public offering (IPO). He noted that he has formally requested a “special allocation” of shares when the offering commences.
The 650,000 barrels per day capacity Dangote Refinery, situated in the Lekki Free Zone near Lagos, is one of the world’s largest single-train refineries and is expected to significantly impact Nigeria’s petroleum imports and domestic fuel supply. Otedola’s statement clarifies the financial landscape of the landmark project while signaling strong investor appetite ahead of its public debut.
