“No Fallout, No Borrowing from Friends”: Dangote Group Fires Back at Fake News About Aliko Dangote and Tony Elumelu.

The Dangote Group has come out strongly against what it calls a completely false and malicious story claiming a rift between its president, Aliko Dangote, and Heirs Holdings chairman, Tony Elumelu. The company also denied allegations that Dangote had asked friends for money to finance his massive refinery project.

In a statement released on Sunday, the group labeled as “entirely baseless” an online publication that claimed Dangote had explained why he distanced himself from Elumelu. According to Dangote Group, neither the billionaire businessman nor his company ever made such remarks.

The statement—signed by Anthony Chiejina, the Group Chief Branding and Communications Officer—said the report twisted both personal and corporate positions. It stressed that there is no disagreement between the two business leaders.

“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.

The company also pushed back against claims that the multi-billion-dollar Dangote Petroleum Refinery was funded through personal loans from friends. It described those assertions as inaccurate and a deliberate distortion of facts.

According to the group, Dangote does not finance his projects through informal personal borrowing. They added that anyone making such claims should provide verifiable 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.

The group further clarified that the relationship between Dangote and Elumelu is not strained. Despite the rumors, the two men continue to share a long-standing and cordial relationship.

The clarification follows a widely shared online post that alleged Dangote and Elumelu fell out after a failed request for financial help during the refinery’s construction. That post—attributed to Dangote but now disowned by his company—claimed that in 2021, when the refinery was about halfway done, Dangote ran out of funds and reached out to several business associates, including Femi Otedola, Abdulsamad Rabiu, Mike Adenuga, and Tony Elumelu.

The same post alleged that Elumelu promised $20 million but later went quiet, while Otedola and others raised about $500 million—with Otedola reportedly giving $300 million.

The Dangote Group said these claims are completely fabricated and should not be linked to its president.

Beyond the disputed article, the company raised concerns about a growing trend of fake statements and digitally manipulated content using Dangote’s name. It warned that AI-generated ads and other misleading materials using his likeness could cause reputational harm and even amount to fraud.

The group cautioned anyone creating or spreading false information to stop immediately, adding that it won’t hesitate to take legal action to protect its reputation and that of its leadership.