Dangote Group has dismissed claims that its founder, Aliko Dangote, has fallen out with Tony Elumelu, chairman of United Bank for Africa.
The reaction follows a viral post on social media alleging that Dangote made statements about seeking financial support from business associates during the construction of his refinery.
The post claimed he said, “in 2021, when the refinery I was building was only half-completed, I ran out of funds to continue the project”.
It further alleged that he “reached out to many of my business colleagues for financial assistance, including Femi Otedola, Abdulsamad Rabiu, and Mike Adenuga”.
According to the post, Elumelu allegedly “promised to assist me with $20 million,” but later “blocked my contact everywhere”.
It also claimed that “other business colleagues came together and raised $500 million for me,” with Femi Otedola contributing $300 million.
However, in a statement issued on Saturday by Anthony Chiejina, the group’s chief branding and communications officer, the company described the claims as fabricated and warned of possible legal action against those responsible.
The company labelled the post titled ‘Aliko Dangote Speaks Out on Why He Distanced Himself from Tony Elumelu,’ as “false, malicious, and baseless”.
“At no time did the president or the group make such statements or express such sentiments,” the statement said.
The group stressed that Dangote does not rely on personal borrowing from friends to fund projects.
“The group categorically rejects claims that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends,” it said.
“These assertions are wholly inaccurate and constitute a deliberate misrepresentation of facts.”
It added that anyone making such claims should “provide verifiable evidence to substantiate them”.
The company also dismissed reports of any fallout between Dangote and Elumelu.
“Equally false are suggestions of any estrangement between Aliko Dangote and Mr Tony Elumelu, with whom he maintains a longstanding and cordial relationship,” the statement added.
Dangote Group raised concerns over the increasing misuse of Dangote’s identity in misleading digital content, including AI-generated materials.
It warned those responsible to stop immediately, stating that legal action would be taken where necessary.
“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 company said.
“The group will take appropriate steps, including legal action where necessary, to protect its reputation and that of its leadership.”
The company reiterated its commitment to maintaining integrity while continuing to promote industrial growth, economic self-reliance, and sustainable development across Africa.