Femi Otedola, chairman of First Bank Holdings, has refuted reports that he helped finance the Dangote Petroleum Refinery. In a statement posted on his X (formerly Twitter) account on Monday, Otedola said the allegations are “completely and utterly false” and that he has not contributed any money to the project.
The denial follows earlier media speculation that Otedola, alongside United Bank for Africa (UBA) chairman Mike Adenuga, had provided funding for the refinery. The rumors gained traction after a report suggested that the two businessmen were among the financiers behind Alhaji Aliko Dangote’s $19 billion oil‑refining complex, which is slated to become Nigeria’s largest private refinery.
Dangote Refinery itself dismissed the claims as baseless over the weekend. In response, Otedola clarified that he has not invested a single kobo, dollar or naira in the refinery. Instead, he is seeking a special allocation to take part in the upcoming public offering of the refinery’s shares on the Nigerian Exchange Limited (NGX). “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 wrote.
Otedola also stated that Alhaji Dangote never approached him, Mr. Adenuga or Mr. Elumelu for financing. He urged those spreading the misinformation to desist and called on the public to rely on verified information rather than “manufactured drama” on social media. “Nigeria deserves truth, not lies dressed up as insider information,” he added.
The Dangote Petroleum Refinery, a cornerstone of Nigeria’s Vision 2025 industrialisation agenda, is expected to commence commercial production later this year. Its public offering on the NGX will allow investors to acquire shares in the project, which aims to reduce the country’s reliance on imported refined petroleum products.
Otedola’s clarification underscores the importance of accurate reporting on high‑profile investment deals, especially in a market where misinformation can quickly influence investor sentiment. As the refinery’s share offering approaches, market participants will watch closely for official disclosures and allocations, while regulators are likely to monitor communications to ensure transparency and protect investor interests.
