By Adebola Isimijola, Lagos.

The Dangote Group has denied reports suggesting a rift between its President, Aliko Dangote, and Tony Elumelu, while also dismissing claims that its refinery project was financed through personal borrowing.

In a statement issued on Saturday, May 2, 2026, the Group’s Chief Branding and Communications Officer, Anthony Chiejina, described the publication as “false, malicious and baseless,” stressing that neither Dangote nor the company made the statements attributed to them.

The company also rejected assertions that the Dangote Petroleum Refinery was funded through loans from friends, stating that such claims were a misrepresentation of facts.

“As a matter of principle, Aliko Dangote neither finances his projects through personal borrowing from friends nor engages in lending arrangements of that nature,” the statement said, challenging those behind the claims to provide verifiable evidence.

It further clarified that there is no disagreement between Dangote and Elumelu, noting that both business leaders maintain a longstanding cordial relationship.

The Group expressed concern over what it described as a growing trend of fabricated statements and the unauthorised use of Dangote’s name and image in AI-generated advertisements and other misleading content.

It warned that such actions pose reputational risks and could amount to fraud, adding that individuals or platforms involved would face legal action if necessary.

Dangote Group reiterated its commitment to integrity and its drive towards industrialisation, economic self-sufficiency and sustainable development across Africa.