The Dangote Group has strongly refuted reports suggesting a fallout between its President, Aliko Dangote, and Chairman of Heirs Holdings, Tony Elumelu, describing the claims as false, malicious, and without any basis.
In a statement released on Sunday, the company dismissed as “entirely baseless” a publication alleging that Dangote explained why he distanced himself from Elumelu, insisting that neither the businessman nor the organisation ever made such comments.
The statement, signed by the Group Chief Branding and Communications Officer, Anthony Chiejina, said the report distorted both personal and corporate positions, stressing that there is no disagreement between the two leading entrepreneurs.
“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 company also rejected claims that the multi-billion-dollar Dangote Petroleum Refinery & Petrochemicals project was funded through personal loans from associates, describing the narrative as inaccurate and misleading.
According to the group, Dangote does not rely on informal borrowing from friends to execute major projects and maintained that such allegations must be supported with credible 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.
Reaffirming the relationship between Dangote and Elumelu, the group noted that both businessmen continue to share a long-standing and cordial bond, contrary to claims circulating online.
The clarification follows a widely circulated post which alleged that Dangote fell out with Elumelu after a failed request for financial support during the refinery’s construction phase.
The viral post, which the company has disowned, claimed that in 2021, when the refinery project was about halfway completed, Dangote sought financial assistance from associates including Femi Otedola, Abdulsamad Rabiu, Mike Adenuga, and Elumelu.
It further alleged that Elumelu pledged $20 million but later became unreachable, while other associates reportedly raised $500 million, with Otedola said to have contributed $300 million.
However, the Dangote Group described the claims as fabricated and warned against attributing such statements to its president, reiterating that the financing narrative is false.
Beyond the disputed report, the company expressed concern over what it called a growing trend of fabricated content and the unauthorised use of Dangote’s identity in digitally altered materials.
“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.
The group cautioned individuals and organisations involved in spreading false information to desist, warning that it would take legal action where necessary to safeguard its reputation and that of its leadership.
It also reaffirmed its commitment to upholding integrity while continuing to drive industrial growth and economic development across Africa, with a focus on self-sufficiency and sustainability.