Dangote Group dismisses claims on refinery financing, ‘rift’ with Tony Elumelu

*Dangote Industries Limited rejects a recent news publication claiming that Dangote Petroleum Refinery was financed through personal borrowing from friends, describing as ‘false and malicious’ a suggestion that Aliko Dangote, President/Chief Executive of Dangote Group, has distanced himself from Tony Elumelu, Chairman of UBA Plc and Heirs Holdings

Isola Moses | ConsumerConnect

The Dangote Group has dismissed as “false and malicious” a news publication, titled: “Aliko Dangote Speaks Out on Why He Distanced Himself from Tony Elumelu”, alleging that Alhaji Aliko Dangote, President/Chief Executive of Dangote Industries Limited, has distanced himself from Mr. Tony Elumelu, Chairman of UBA Plc and Heirs Holdings.

Dangote Group, which said this in a statement Sunday, May 3, 2026, described the news report as entirely baseless.

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Mr. Anthony Chiejina, Group Chief Branding and Communications Officer at Dangote Industries Limited, in the statement said neither Dangote nor the Group made the claims attributed to them.

Chiejina emphasised that the publication misrepresented both personal and corporate positions.

The Group also rejected assertions that the Dangote Petroleum Refinery was financed through personal borrowing from friends.

Dangote Industries also described the claims as “inaccurate”  and a deliberate misrepresentation of facts.

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

It said that any such claims must be supported by verifiable evidence.

Dangote Group further clarified that there is no rift between Dangote and Elumelu.

It stated that both business leaders maintain a longstanding and cordial relationship.

The company also raised concern over a growing pattern of fabricated statements and the unauthorised use of Dangote’s name, likeness and image in Artificial Intelligence (AI) generated advertisements and other misleading content.

The conglomerate warned that such actions pose reputational risks and may constitute fraud.

It cautioned individuals and platforms involved in the creation and dissemination of false information to desist immediately.

The company threatened that it would pursue an appropriate legal action where necessary to protect its reputation and that of its leadership.

Dangote Group reaffirmed its commitment to the highest standards of integrity while continuing to drive industrialisation, economic self-sufficiency, and sustainable development across Africa.

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