Not true.
This was a demo track from '96-'97 that had other MC's on it with O, and Jay did the hook. Tone Hooker was trying to get O.C. signed to Roc at the time, and he was bringing O.C. to the studio a lot to make records.
Jay and O.C. did a few records together as demos, including "Crew Love". The plan was for those records to drop on Roc, which is why O's speaking about Rocafella and all that in his verses. But he ended up not signing, so Buckwild and Jay had to get paid by Interscope years later for their work on these songs, once they signed O.C. over there.