Africa’s richest man, Aliko Dangote, has strongly dismissed viral reports claiming that he sought personal financial help from friends to complete his refinery project and that he has fallen out with billionaire businessman Tony Elumelu.

In a statement issued by the Dangote Group, the company described the circulating story as “false, malicious, and baseless.”

The controversial claims, which spread widely on social media, alleged that Dangote approached several top Nigerian businessmen including Tony Elumelu, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola, for funds during the construction of the Dangote Petroleum Refinery. One version even claimed Elumelu promised $20 million but later went silent.

The Dangote Group categorically rejected these allegations, stating that the $650,000 barrels per day refinery was not financed through personal borrowing from friends.

“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 read.

On the alleged rift, the Group emphasized that Dangote maintains a longstanding and cordial relationship with Tony Elumelu, and there has been no estrangement between them.

The company warned against spreading misinformation and fake content using its brand and leadership, hinting at possible legal action against those responsible for the fabricated narrative.

This clarification puts to rest rumours that threatened to create unnecessary tension between two of Nigeria’s most prominent business leaders. The Dangote Refinery, once fully operational, is expected to significantly reduce Nigeria’s dependence on imported petroleum products.