Dangote Group Denies Claims On Refinery Financing, Rejects Alleged Rift With Elumelu

Dangote Group Denies Claims On Refinery Financing, Rejects Alleged Rift With Elumelu The Dangote Group has dismissed as “false and malicious” reports alleging that the Dangote Petroleum Refinery was financed through personal borrowing from friends, insisting that the claims are inaccurate and a deliberate misrepresentation of facts. In a statement released on Monday, the company rejected a publication suggesting that its president, Aliko Dangote, relied on informal personal loans to fund the multi-billion-dollar refinery project. The conglomerate described the report as misleading and lacking factual basis, stressing that the refinery was financed through structured and transparent funding arrangements involving reputable financial institutions and partners. The company also denied suggestions of a fallout between Dangote and fellow Nigerian business leader Tony Elumelu, saying claims of a business rift were entirely unfounded. According to the statement, both entrepreneurs maintain cordial professional and personal relationships, contrary to what was portrayed in the publication. “The allegations are false, malicious and entirely baseless,” the company said, adding that attempts to create controversy around the refinery project were unnecessary and misleading to the public. The Dangote Group emphasised that the refinery one of Africa’s largest industrial investments was financed through a combination of equity contributions, syndicated loans, and institutional financing, all executed in line with international standards. It noted that major infrastructure projects of such scale typically involve multiple financial stakeholders rather than personal borrowing arrangements.

The company warned against the spread of misinformation capable of undermining investor confidence and distorting public understanding of strategic national projects. Reaffirming its commitment to transparency and corporate governance, the group urged media organisations and commentators to verify information before publication. The company added that the Dangote Refinery remains focused on its core objective of boosting Nigeria’s refining capacity, reducing fuel import dependence, and supporting economic growth across the region. The statement concluded by urging the public to disregard the disputed report and rely on verified information regarding the refinery’s financing structure and operations.