Femi Otedola has publicly pushed back against viral claims linking him to the financing of the Dangote refinery, using a sharply worded statement posted on X on Monday, May 4, 2026.
Otedola rejects refinery funding claims
Instead, he disclosed a different position:
“Mr. Otedola has actually been requesting a special allocation to participate in the refinery’s forthcoming public offer.”
He also addressed claims involving other prominent business figures, stating:
“At no point did Alhaji Dangote request financing from Mr. Elumelu, Mr. Adenuga, and me.”
Otedola described the reports as a coordinated attempt to create division among Nigeria’s business elite, referencing figures such as Aliko Dangote, Tony Elumelu, and Mike Adenuga.
“This is calculated mischief and a deliberate attempt to create rifts and sow discord within Nigeria’s closely knit and respected private sector leadership.”
He added that such figures “deserve better than to be used as props in a social media fabrication.”
The statement comes amid sustained discussions on how the Dangote refinery, Africa’s largest, was financed and who stands to benefit from its expected public offering.
The facility, developed by the Dangote Group and led by Dangote, reportedly cost around $19 billion and has relied on a mix of equity, debt financing, and institutional backing. The group has repeatedly stated it structured its own funding through banks and international partners, rather than relying on ad hoc contributions from rival business leaders.
Otedola closed his post with a warning to those spreading the claims:
“Desist immediately… Nigeria deserves truth, not lies dressed up as insider information.”
Dangote Refinery Listing
There have been strong and fairly specific speculations (and even early guidance) about when the Dangote Refinery could list on the stock market, but nothing is fully locked in yet.
Most projections suggest the listing could occur in mid-2026, around June or July. This timeline is based on statements from Aliko Dangote, who indicated plans to sell a 5%–10% stake in the refinery through an initial public offering (IPO).
The offering is expected to take place on the Nigerian Exchange (NGX), possibly with additional listings in other African markets. The refinery is also believed to be valued between $40 billion and $50 billion, which could make it the largest IPO in Africa.
