Dangote Group has denied claims that its founder, Aliko Dangote, fell out with Tony Elumelu, chairman of United Bank for Africa, describing the allegations as false and malicious.
The rebuttal follows a post on X by a user alleging that Dangote had said he ran out of funds in 2021 while building the Dangote Petroleum Refinery and sought financial help from business associates. According to the post, Dangote allegedly reached out to figures including Femi Otedola, Abdulsamad Rabiu and Mike Adenuga, while Elumelu was said to have promised $20 million but later cut off contact.
The post further claimed that Dangote’s associates raised $500 million for him, with Otedola contributing $300 million. In a statement on Saturday, Dangote Group, through its Group Chief Branding and Communications Officer Anthony Chiejina, said the claims were fabricated.“At no time did the president or the group make such statements or express such sentiments,” the company said.
It described the post, titled “Aliko Dangote Speaks Out on Why He Distanced Himself from Tony Elumelu,” as “false, malicious, and baseless,” adding that it would pursue legal action against those responsible.
The company said Dangote does not rely on personal borrowing from friends to finance projects. “The group categorically rejects claims that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends,” it said.
Dangote Group also dismissed suggestions of any fallout between Dangote and Elumelu, saying both men maintain a longstanding and cordial relationship.It added that individuals making such claims should provide verifiable evidence.
The company expressed concern over what it described as the growing misuse of Dangote’s identity in digital content, including AI-generated materials, warning that such actions could amount to reputational damage and fraud.“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 statement said.“
The group said it will take appropriate steps, including legal action where necessary, to protect its reputation and that of its leadership.
Dangote Group said it remains committed to maintaining high standards of integrity while driving industrialisation and economic development across Africa.