Dangote Group Breaks Silence on Alleged Rift Between Aliko Dangote and Tony Elumelu
- Aliko Dangote’s company denied rumours of a conflict with Tony Elumelu and called them false
- The rumours claimed Dangote faced money problems during his refinery project and sought help from other businessmen
- Dangote Group said the claims are untrue, warned against spreading fake content, and may take legal action
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The Dangote Group has denied reports suggesting a disagreement between its founder, Aliko Dangote, and Tony Elumelu, who is the chairman of United Bank for Africa (UBA). The company described these claims as untrue and harmful.
The reaction came after a post on X by a user identified as Oghneminehhhhh went viral.
Source: UGC
The post alleged that Dangote faced financial problems in 2021 while building his refinery and had to ask for help from business associates such as Femi Otedola, Abdulsamad Rabiu, and Mike Adenuga.
It also claimed that Elumelu promised financial support but later stopped communicating, while others reportedly contributed large sums of money.
Dangote Group debunks rift between the billionaires
In response, the Dangote Group, through its spokesperson Anthony Chiejina, rejected the story completely. The company called the viral post false, misleading, and without any factual basis.
The group made it clear that Dangote never made such statements and does not rely on personal loans from friends to fund projects.
It also stressed that the refinery project was not financed through informal borrowing as claimed.
“The group categorically rejects claims that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends,”
Additionally, the company dismissed any suggestion of a broken relationship between Dangote and Elumelu, stating that both men still share a good and long-standing relationship.
The company said:
“Equally false are suggestions of any estrangement between Aliko Dangote and Mr Tony Elumelu, with whom he maintains a longstanding and cordial relationship.”
Source: UGC
The Dangote Group also raised concerns about the growing spread of fake content, including materials created using artificial intelligence, that misuse Dangote’s name and image. It warned that such actions damage reputations and could involve fraud.
The company had earlier warned the public about a fake video featuring Dangote's image falsely promoting an investment scheme.
The company cautioned those responsible for creating and sharing the false information to stop immediately, adding that it may take legal action against them.
Dangote Group added that it remains committed to upholding the highest standards of integrity, while continuing to drive industrialisation, economic self-sufficiency, and sustainable development across Africa.
Dangote to sell 10% of refinery via IPO
In related news, Legit.ng earlier reported that Dangote revealed plans to sell a 10% stake in his $20 billion refinery through a Pan-African Initial Public Offering (IPO) scheduled for 2026.
The move is aimed at opening up the investment to a wider pool of investors across Africa and deepening the continent’s capital markets.
He added that the IPO would also help secure long-term financing for the group’s growing industrial operations.
Source: Legit.ng
