Dangote Group has described reports of a dispute between its founder, Aliko Dangote, and Tony Elumelu, chairman of the United Bank for Africa (UBA), as false.
In a statement issued on Saturday, the company’s Group Chief Branding and Communications Officer, Anthony Chiejina, said the claims circulating on social media were "false, malicious, and baseless."
The statement was in response to a viral post on X by a user identified as Oghneminehhhhh.
The post claimed that Dangote had spoken about financial challenges during the construction of his refinery in 2021.
According to the post, the project was halfway completed when Dangote allegedly ran out of funds and requested financial support from business associates, including Femi Otedola, Abdulsamad Rabiu, and Mike Adenuga.
The post further alleged that Elumelu promised twenty million dollars ($20 million) in assistance but later stopped communication.
It also claimed other associates raised five hundred million dollars ($500 million), with Otedola reportedly contributing three hundred million dollars ($300 million).
Dangote Group debunked the claims, saying that Aliko Dangote did not make such statements and does not fund projects through personal borrowing from friends.
"The group categorically rejects claims that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends.
"These assertions are wholly inaccurate and constitute a deliberate misrepresentation of facts," the statement read.
The company added that there is no estrangement between Aliko Dangote and Tony Elumelu, describing their relationship as "longstanding and cordial."
Dangote Group also mentioned what it called a rising pattern of fabricated statements and the unauthorised use of Aliko Dangote’s name and image in misleading content.
"These actions amount to reputational harm and potential fraud," the company said.
The group said it is considering legal action against those responsible for creating and spreading the content, warning individuals and platforms involved to stop immediately.
"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 added.
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