Dangote Group Refutes False Claims Regarding Refinery Financing and Elumelu Relationship

In a strongly worded statement released Tuesday, Dangote Group has categorically denied allegations that its President, Aliko Dangote, has distanced himself from fellow Nigerian business magnate Tony Elumelu, describing such reports as “false and malicious.”

The conglomerate’s Group Chief Branding and Communications Officer, Anthony Chiejina, issued the formal denial, emphasizing that neither Dangote nor any representative of the Group made the statements being attributed to them in recent publications.

“These claims completely misrepresent both personal and corporate positions,” Chiejina stated, addressing what appears to be part of a troubling pattern of misinformation targeting one of Africa’s most prominent business leaders.

The Group also firmly rejected assertions that the landmark Dangote Petroleum Refinery—a $19 billion project representing Africa’s largest single-train refinery—was financed through personal borrowings from friends. This characterization, according to the statement, constitutes “a deliberate misrepresentation of facts.”

“As a matter of principle, Aliko Dangote neither finances his projects through personal borrowing from friends nor engages in lending arrangements of that nature,” the statement clarified. The Group challenged those making such claims to provide verifiable evidence to support their allegations.

The Dangote Petroleum Refinery, which began operations earlier this year, has been hailed as a transformative project for Nigeria’s economy, potentially ending the country’s decades-long dependence on imported refined petroleum products despite being one of Africa’s largest crude oil producers.

Industry analysts note that the refinery’s financing structure involved a combination of Dangote’s equity investment and substantial funding from local and international financial institutions, following standard project finance principles for infrastructure projects of this scale.

Regarding the alleged rift with Elumelu, Chairman of Heirs Holdings and UBA Group, Dangote Group emphasized that both business leaders “maintain a longstanding and cordial relationship.” The two billionaires are among Nigeria’s most influential business figures, with significant investments across multiple sectors of the African economy.

The statement also highlighted growing concerns about “a pattern of fabricated statements and the unauthorised use of Dangote’s name, likeness and image in AI-generated advertisements and other misleading content.” This trend, according to the Group, poses serious reputational risks and could potentially constitute fraud.

The proliferation of AI-generated content falsely associated with prominent business figures has become a growing concern globally, with celebrities and business leaders increasingly targeted in schemes designed to mislead the public or promote questionable investment opportunities.

Dangote Group issued a stern warning to individuals and platforms involved in creating or spreading such false information, stating they should “desist immediately” or face potential legal consequences. The company emphasized its readiness to “pursue appropriate legal action where necessary to protect its reputation and that of its leadership.”

The Group concluded its statement by reaffirming its commitment to “the highest standards of integrity” while continuing its mission of driving industrialization, economic self-sufficiency, and sustainable development across Africa.

Dangote Group remains one of Africa’s largest industrial conglomerates, with operations spanning cement manufacturing, sugar refining, flour milling, and now petroleum refining across multiple African countries. Its founder, Aliko Dangote, has consistently ranked as Africa’s wealthiest individual for over a decade, with his business activities significantly contributing to employment generation and economic growth throughout the continent.