Femi Otedola, chairman of First Bank Holding, has rejected reports linking him to the financing of the Dangote Refinery, saying the claims are “completely and utterly false.” In a post on his X account on Monday, Otedola also indicated he intends to seek a special allocation that would allow him to take part in the refinery’s upcoming public offering on the Nigerian Exchange Limited.
Background and timeline
- Reports surfaced alleging that Otedola—alongside other prominent figures including the chairman of United Bank of Africa and Globacom CEO Mike Adenuga—helped fund the Dangote Refinery.
- Over the weekend, the Dangote Refinery dismissed the allegations, describing them as untrue.
- Responding to the renewed attention around the story, Otedola said he plans to pursue a special allocation connected to the refinery’s forthcoming public offer on the Nigerian Exchange Limited.
- In his statement on Monday, Otedola said he has not provided any money toward the refinery’s development and urged those spreading the claims to stop, adding that social media should not be used for “manufactured drama.”
Otedola’s comments were framed as a direct correction of what he described as false “insider” narratives circulating online. He said that reports claiming he funded the Dangote Petroleum Refinery are entirely incorrect and that he has not invested “a single kobo,” “not one dollar,” and “not one naira.”
He further argued that the real issue is unrelated to financing: according to Otedola, he has been seeking a special allocation to participate in the refinery’s upcoming public offer. He also stated that, at no point, did Alhaji Dangote request funding from him or from other named individuals, including Mr. Elumelu and Mr. Adenuga.
In closing, Otedola urged those behind the allegations to desist immediately and told the broader public that Nigeria deserves verified information rather than claims presented as credible despite lacking substance.
