Dangote Refutes Allegations of Conflict with Elumelu and Dismisses Funding Reports

Nigerian business magnate Aliko Dangote’s conglomerate has strongly refuted claims of a fallout between its president and fellow billionaire Tony Elumelu, calling recent reports on the matter “false and malicious.”

In a statement issued Sunday, the Dangote Group categorically denied allegations that Dangote had solicited personal financial support from Elumelu or other business associates to fund the construction of his landmark petroleum refinery. The group’s Chief Branding and Communications Officer, Anthony Chiejina, dismissed a widely circulated publication titled “Aliko Dangote Speaks Out on Why He Distanced Himself from Tony Elumelu” as entirely fabricated.

“At no time did the President or the Group make such statements or express such sentiments,” Chiejina stated, emphasizing that no rift exists between the two prominent Nigerian business leaders who continue to maintain a “longstanding and cordial relationship.”

The statement specifically addressed claims that Dangote had approached several Nigerian billionaires, including Femi Otedola, Abdulsamad Rabiu, and Mike Adenuga, seeking personal loans when the refinery project was half-completed in 2021. The viral post alleged Elumelu had promised $20 million but later became unreachable, while others purportedly raised $500 million, with Otedola supposedly contributing $300 million.

“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. “Any individual making such claims should provide verifiable evidence to substantiate them.”

The Dangote Petroleum Refinery & Petrochemicals project, valued at approximately $19 billion, represents one of Africa’s largest industrial undertakings and the continent’s biggest petroleum refinery. Located in Nigeria’s Lekki Free Trade Zone near Lagos, the facility has a processing capacity of 650,000 barrels per day and began operations earlier this year after numerous delays.

The refinery’s financing structure has involved a combination of equity investment from the Dangote Group alongside significant commercial bank loans, development finance institutions, and export credit agencies – not personal loans as suggested in the false reports.

Industry analysts note that the relationship between Dangote and Elumelu, who chairs Heirs Holdings and serves as Chairman of United Bank for Africa (UBA), is particularly significant given their outsized influence in Nigeria’s business landscape. Both entrepreneurs have built diversified business empires and are considered among Africa’s most powerful business figures.

The Dangote Group’s statement also highlighted growing concerns about the misuse of its founder’s identity in digitally manipulated content. “The group notes with concern a rising pattern of fabricated statements and the unauthorized use of Aliko Dangote’s name, likeness, and image in AI-generated advertisements and other misleading content,” Chiejina warned. “These actions amount to reputational harm and potential fraud.”

The company issued a stern warning to individuals and organizations involved in creating or spreading such false information, threatening legal action to protect its reputation and that of its leadership.

This incident underscores the increasing challenge of misinformation targeting high-profile business leaders in Africa, particularly as artificial intelligence tools make the creation of convincing fake content more accessible. The Dangote Group, which operates in numerous sectors including cement, sugar, flour, and now petroleum refining, remains one of Africa’s largest industrial conglomerates and a significant employer across the continent.

The company concluded its statement by reaffirming its commitment to maintaining high standards of integrity while continuing its industrial and economic contributions across Africa, with a focus on advancing self-sufficiency and sustainable development.