The Dangote Group has denied reports claiming a rift between its President, Aliko Dangote, and United Bank for Africa chairman, Tony Elumelu, describing the claims as false, malicious and baseless.
In a statement signed by its Group Chief Branding and Communications Officer, Anthony Chiejina, the company said it never made any statement suggesting a fallout between both businessmen. The denial came on Saturday in response to a circulating online publication titled “Aliko Dangote Speaks Out on Why He Distanced Himself from Tony Elumelu”, which the Group said was fabricated.
“At no time did the president or the Group make such statements or express such sentiments,” Chiejina said. The company stated clearly that Dangote and Elumelu maintain a longstanding and cordial relationship.
The reaction followed a viral post on X by a user identified as Oghneminehhhhh, which alleged that Dangote faced financial difficulties during the construction of his refinery in 2021 and sought support from business associates, including Femi Otedola, Abdulsamad Rabiu, and Mike Adenuga. The post further claimed that Elumelu promised to provide $20 million in assistance but later cut off all communication. It also alleged that other associates raised $500 million for the project, with Otedola said to have contributed $300 million.
Dangote Group categorically refuted the claims. “The Group categorically rejects claims that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends,” the statement said. “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 company added. It challenged anyone making such claims to provide verifiable evidence to substantiate them.
The Group also dismissed suggestions of any estrangement between Dangote and Elumelu. “Equally false are suggestions of any estrangement between Aliko Dangote and Mr. Tony Elumelu, with whom he maintains a longstanding and cordial relationship,” the statement read.
The denial comes weeks after Elumelu wrote Dangote’s profile for the 2026 TIME100 list, calling him indefatigable, resilient, and one of the greatest African entrepreneurs of their era. Elumelu noted that “when faced with difficult moments of my own, I will often ask myself: what would Aliko do”. In 2020, Dangote wrote Elumelu’s own TIME100 tribute.
Dangote Group further raised concern over what it called a growing trend of fabricated statements and the unauthorised use of Dangote’s name, likeness, and image in AI-generated advertisements and other misleading content. “These actions amount to reputational harm and potential fraud,” the statement said.
The company warned individuals and platforms involved in spreading such content to stop immediately, adding that it would take legal action where necessary. “All individuals, organisations, and platforms involved in the creation, publication, or dissemination of such false content are hereby put on notice to desist immediately,” the Group said.
Dangote Group said it remains focused on promoting industrial growth, economic self-sufficiency, and sustainable development across Africa.
