Billionaire businessman Femi Otedola has denied reports claiming he requested a special allocation from Aliko Dangote in the planned initial public offering of the Dangote Refinery.

Otedola made the clarification in a post on his X account on May 4, 2026.

His response follows the spread of misleading claims targeting leading Nigerian business figures, including a viral allegation that Dangote sought financial support from associates such as Tony Elumelu, Mike Adenuga, and Otedola to complete the refinery project.

Otedola described the report as a calculated act of mischief intended to mislead the public and stir unnecessary controversy among business leaders.

“I can categorically state that at no point did Alhaji Dangote request for financing from Mr Elumelu, Mr Adenuga and myself. The Dangote Group is a well-structured organisation that is well vast in raising structured capital for its operations, ” he said.

He further said the claim was a deliberate attempt to sow discord within Nigeria’s business community and undermine trust among key private sector figures.

“This is calculated mischief and a deliberate attempt to create rifts and sow discord within Nigeria’s closely knit and respected private sector leadership… These are men who have built businesses, created jobs, and invested in this nation for decades,” Otedola added.

The billionaire also warned against the spread of false narratives on social media, urging those responsible to desist and calling for greater responsibility in public discourse.

The clarification comes after a viral post alleged that Aliko Dangote, Africa’s richest man, sought financial assistance from business associates to complete his refinery project.

The viral post further alleged that Aliko Dangote had approached several prominent business figures, including Tony Elumelu, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola.

It also claimed that Elumelu initially pledged $20 million but later cut off communication.

It further alleged that other unnamed investors collectively raised $500 million, with Otedola reportedly contributing $300 million.

However, in a statement issued by Anthony Chiejina, Group Chief Branding and Communications Officer at Dangote Industries Limited, the company dismissed the claims as false.

“The Group categorically rejects claims that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends. These assertions are wholly inaccurate and constitute a deliberate misrepresentation of facts,” the statement read.

The claims come as Aliko Dangote moves to list about 10 per cent of his mega refinery on multiple African stock exchanges, as part of plans to raise funding for the next phase of expansion across his industrial empire.

The billionaire disclosed this in an interview in April, saying, “We will list as much as possible, maybe 10 per cent or so.”