No Rift Between Dangote And Tony Elumelu

Dangote Group: There is no rift between our founder and Tony Elumelu

Dangote Group has denied Aliko Dangote, the founder of the company, fell out with Tony Elumelu, the chairman of United Bank for Africa (UBA).

The rebuttal follows a post by Oghneminehhhhh on X, claiming Dangote said “in 2021, when the refinery I was building was only half-completed, I ran out of funds to continue the project

The user further claimed that Dangote said he “reached out to many of my business colleagues for financial assistance, including Femi Otedola, Abdulsamad Rabiu, and Mike Adenuga”.

According to the post, the billionaire said Elumelu “promised to assist me with $20 million,” but later “blocked my contact everywhere”.

The user added that Dangote said his “other business colleagues came together and raised $500 million for me” and that Femi Otedola alone contributed $300 million.

In a statement on Saturday by Anthony Chiejina, group chief branding and communications officer for Dangote Group, the company described the content as fabricated and vowed to take legal actions against those behind the post.

The company said the post titled ‘Aliko Dangote Speaks Out on Why He Distanced Himself from Tony Elumelu,’ is “false, malicious, and baseless”.

“At no time did the president or the group make such statements or express such sentiments,” the company said.

ALIKO DANGOTE DOESN’T BORROW FROM FRIENDS TO FUND PROJECTS’

Dangote Group said the founder does not borrow from friends to finance projects and does not engage in such lending arrangements.

“The group categorically rejects claims that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends,” the company said.

These assertions are wholly inaccurate and constitute a deliberate misrepresentation of facts.”

Dangote group added that any individual making such lending arrangement claims should “provide verifiable evidence to substantiate them”.

The company also dismissed suggestions 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 company said.

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