LAGOS, Nigeria — Nigeria’s Dangote Group issued a formal statement on Sunday, May 3, 2026, denying reports of a financial rift between its president, Aliko Dangote, and Tony Elumelu, the chairman of United Bank for Africa.
Okay News reports that Anthony Chiejina, the Group Chief Branding and Communications Officer for Dangote Group, characterized the viral claims as false and misleading. The company advised digital platforms and content creators against the dissemination of misinformation and AI-generated content involving its corporate brand and leadership.
The statement followed a post on X alleging that Aliko Dangote sought personal financial assistance from business associates to complete the Dangote Petroleum Refinery. The social media post claimed Tony Elumelu pledged $20 million (₦28.2 billion) before ending communication, while other figures including Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola allegedly contributed funds.
Dangote Group rejected the assertions that the refinery was financed through personal loans from friends. The company stated that neither the organization nor Aliko Dangote made the statements attributed to them in the viral report.
“The Group categorically rejects claims that the development of the Dangote Petroleum Refinery was financed through personal borrowing from friends. These assertions are wholly inaccurate and constitute a deliberate misrepresentation of facts,” the statement read.
The company further clarified the financial principles of its president. The statement continued: “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 group also addressed the specific allegation of a fallout between the two businessmen. The statement noted: “Equally false are suggestions of any estrangement between Aliko Dangote and Mr Tony Elumelu, with whom he maintains a longstanding and cordial relationship.”
The Dangote Group concluded the release by maintaining that the spread of unverified claims was intended to mislead the public.
