While Hojo states that he is Sephiroth's father, I don't see how there isn't a slight possibility that it could of been Vincent. He was in love with, and involved with Lucrecia before Hojo had... sexual relations with her for the sole purpose of making a human being to experiment on pre-birth. If Vincent and Lucrecia were in love beforehand, it is possible they could of conceived Sephiroth prior to Lucrecia's involement with Hojo. Hojo then, could easily assume that the child was indeed his, not knowing it had been conceived slightly earlier by someone else.
Of course, this is speculation. The only true way to back it up is the fact that Vincent seems to resemble Sephiroth much more than Hojo. And the way he refers to Sephiroth in a rather cryptical manner. He seems to think it was his sin that he could not protect Lucrecia and her child. It could be that he feels this way because he knew there was a possibility that the child was his. And if not that, simply because it was Lucrecia's child.
What I want to know is if someone has a quote, from the game, of any of the following:
-Lucrecia specifically stating she had sex with Hojo. (I think she probably did but I can't remember.)
-Lucrecia or Vincent mentioning how far they went in their relationship before she became pregnant.
Or anything else along these lines. I know it is an unlikely possibility, but I can only recall Hojo specifically refering to himself as Sephiroth's father, and being the deluded genius that he is, I'd can only assume this is what he would want to think, even if there was a possibility that Vincent got to Lucrecia first when it came to impregnating her.