Dangote refutes needing help from other Nigerian billionaires and falling out with Elumelu

A post on social media highlighting some of Aliko Dangote’s methods in securing finance for the construction of his refinery has been refuted by the Dangote Group.

• A viral social media post claimed Aliko Dangote borrowed funds from other prominent Nigerian businessmen to finance his refinery.
• The Dangote Group strongly refuted these claims, labeling them as completely false and misleading.
• They emphasized that Dangote does not finance his projects through personal borrowing from friends and challenged anyone to provide evidence otherwise.
• Both the Dangote Group and Femi Otedola clarified that there was no financial request or fallout among Dangote, Elumelu, Otedola, or Adenuga.

Anthony Chiejina, the Dangote Group Chief Branding and Communications Officer, warned on Sunday that content creators should tread more lightly when reporting about the operations of the Dangote business.

The warning results from a post that went viral on X, claiming that Dangote had sourced funds from fellow Nigerian industrialists, Tony Elumelu, Femi Otedola, Abdulsamad Rabiu, and Mike Adenuga for his refinery, after he ran out of capital.

“In 2021, when the refinery I was building was only half-completed, I ran out of funds to continue the project. I reached out to many of my business colleagues for financial assistance, including Femi Otedola, Abdulsamad Rabiu, and Mike Adenuga. I also reached out to Tony Elumelu,” the post claimed was a statement from Dangote.

Even more maliciously, the post noted that the entire debacle led to a rift between Aliko Dangote and Tony Elumelu.

“He (Tony Elumelu) promised to assist me with $20 million, and I believed him to be a man of his word. However, after three months passed without hearing from him, I tried to get in touch, only to discover that he had blocked my contact everywhere. I was unable to reach him and felt truly heartbroken.”

However, as reported by Nairametrics, the Dangote Group characterized the report as erroneous and deceptive, emphasizing that no such altercations ever transpired.

Dangote Group response

“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 group noted.

“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.”

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“Equally false are suggestions of any estrangement between Aliko Dangote and Mr Tony Elumelu, with whom he maintains a longstanding and cordial relationship.”

The group yesterday also went on its X account to notify the public that the post, which had now garnered thousands of likes and hundreds of comments, was false.

To reiterate its point, the Dangote group has issued a public statement, further distancing itself from any narrative that it sourced funds from other high-net-worth individuals or had a falling out with any of them.

Femi Otedola weighs in

Concerning the false narrative, fellow Nigerian billionaire, Femi Otedola, took to his X account to state the facts.

"I can categorically state that at no point did Alhaji Dangote request financing from Mr Elumelu, Mr Adenuga, and myself.

The Dangote Group is a well-structured organisation that is well-versed in raising structured capital for its operations. This is calculated mischief and a deliberate attempt to create rifts and sow discord within Nigeria’s closely knit and respected private sector leadership.

These are men who have built businesses, created jobs, and invested in this nation for decades. They deserve better than to be used as props in a social media fabrication,” he tweeted.

Like the Dangote group, Femi Otedola also warned that those peddling false information should “desist immediately,” adding that social media should not be used to stir controversy.