The allegations suggested that Dangote sought financial assistance from business associates for his refinery project. The Dangote Group stated that it does not finance projects through personal loans from friends.

Anthony Chiejina, the company’s spokesperson, emphasized the importance of integrity in its operations. He also warned against spreading misinformation and indicated that legal action may be taken against those responsible.

According to the company, Dangote and Elumelu maintain a longstanding and cordial relationship. The claims originated from a viral post on X by a user identified as Oghneminehhhhh.

The company noted a rising pattern of fabricated statements regarding its leadership. These assertions are wholly inaccurate and constitute a deliberate misrepresentation of facts.

The Dangote Group is considering legal action against those spreading false content. It cautioned against the unauthorized use of Dangote’s name and image in misleading content.

In 2021, allegations claimed that Dangote faced financial difficulties during the construction of his refinery. The project costs approximately 20 billion dollars, with a 10 percent stake expected to be sold via IPO.

Elumelu reportedly promised 20 million dollars, while other associates raised around 500 million dollars. Notably, Otedola contributed 300 million dollars.

This incident underscores the growing concern over misinformation in the business community.

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