Dangote Denies Rift With Elumelu, False Claims On Refinery Funding

The Dangote Group has rejected reports claiming there is a fallout between its President, Aliko Dangote, and Tony Elumelu, Chairman of Heirs Holdings.

The company also denied claims that Dangote sought financial help from associates to fund his refinery project.

In a statement on Sunday by the Group Chief Branding and Communications Officer, Anthony Chiejina, the company described the circulating report as false and misleading.

It said neither Dangote nor the organisation made the comments being attributed to them, especially claims about distancing himself from Elumelu.

“The Dangote Group has become aware of a publication titled ‘Aliko Dangote Speaks Out on Why He Distanced Himself from Tony Elumelu’, which is false, malicious, and baseless.

“At no time did the President or the Group make such statements or express such sentiments,” the statement read in part.

The group also addressed claims about the funding of the Dangote Petroleum Refinery & Petrochemicals, saying the claims that it was financed through personal loans from friends is incorrect.

According to the company, Dangote does not rely on informal borrowing to fund his projects and challenged anyone making such claims to provide proof.

“As a matter of principle, Aliko Dangote neither finances his projects through personal borrowing from friends nor engages in lending arrangements of that nature.

“Any individual making such claims should provide verifiable evidence to substantiate them,” the statement added.

The statement further made it clear that Dangote and Elumelu still maintain a good and longstanding relationship, contrary to rumours suggesting tension between them.

The clarification follows a viral online post that alleged Dangote had a disagreement with Elumelu after seeking financial assistance during the refinery’s construction.

The post, which the company has disowned, claimed that in 2021, when the project was halfway done, Dangote reached out to several business figures for support.

Names mentioned in the post included Femi Otedola, Abdulsamad Rabiu, and Mike Adenuga, alongside Elumelu.

It alleged that while some contributed funds, Elumelu failed to follow through on a promised amount.

However, the Dangote Group dismissed the entire story as fabricated, insisting that the claims about the refinery’s funding and the alleged fallout are untrue.

The company also raised concern over the growing spread of fake statements and the misuse of Dangote’s identity in digitally altered content.

It warned that the unauthorised use of his name and image in AI-generated materials could damage his reputation and may amount to fraud.

“Furthermore, the group notes with concern a rising pattern of fabricated statements and the unauthorised use of Aliko 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.

Finally, the group cautioned those involved in spreading false information to stop immediately, stating that it is ready to take legal action to protect its image and leadership.

Dangote added that it remains focused on maintaining strong ethical standards while continuing its contributions to industrial growth and development across Africa.

KanyiDaily recalls that Aliko Dangote was recently named among TIME Magazine’s list of the 100 most influential people in the world for 2026.