Dangote Denies Rift With Tony Elumelu, Threatens Legal Action Over Viral Claims

The Dangote Group has strongly denied reports alleging a fallout between its founder, Aliko Dangote, and the Chairman of United Bank for Africa (UBA), Tony Elumelu, describing the claims as false, malicious, and misleading.

The controversy began after a viral post on X (formerly Twitter) claimed that Dangote spoke about financial difficulties during the construction of the Dangote Petroleum Refinery in 2021. The post alleged that the project faced funding challenges and that Dangote sought financial assistance from several Nigerian billionaires, including Femi Otedola, Abdulsamad Rabiu, Mike Adenuga, and Tony Elumelu.

The same post further alleged that Elumelu had reportedly promised a $20 million contribution but later stopped communication, while other unnamed business figures were said to have supported the refinery project with large sums. However, no evidence was provided to back up these claims.

Responding to the viral publication, the Dangote Group issued a firm denial through its Group Chief Branding and Communications Officer, Anthony Chiejina, stating that neither Aliko Dangote nor the company made such statements or comments.

The company stressed that the allegations were entirely fabricated and misrepresented the financing structure of the refinery project, insisting that the Dangote Petroleum Refinery & Petrochemicals was not funded through personal borrowing from friends or associates.

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The statement also addressed claims suggesting any disagreement between Aliko Dangote and Tony Elumelu, dismissing them as completely false and reaffirming that both business leaders maintain a longstanding and cordial relationship built over years of professional respect and collaboration.

The Dangote Group further warned that it is considering legal action against individuals, bloggers, and platforms responsible for creating and spreading the false narrative. It also raised concerns over a growing trend of misinformation involving AI-generated and manipulated content attributed to high-profile personalities.

According to the company, such actions not only damage reputations but could also amount to fraud and intentional misinformation. It urged all individuals and media platforms involved in circulating the claims to desist immediately.

The Dangote Petroleum Refinery, located in Lagos, remains Africa’s largest single-train refinery and one of the continent’s most significant private-sector investments, expected to play a key role in Nigeria’s energy security and fuel supply chain.

Both Aliko Dangote and Tony Elumelu continue to be regarded as two of Africa’s most influential business figures, with investments spanning banking, energy, manufacturing, and infrastructure across multiple countries.

The latest denial adds to growing concerns about the spread of fake news and AI-generated misinformation targeting prominent individuals in Nigeria’s business and political space.

Dangote Denies Rift With Tony Elumelu, Threatens Legal Action Over Viral Claims

Ahimie Makes History as CIS Elects First Female President

In a landmark development for Nigeria’s capital market community, Fiona Ahimie has been elected as the 14th President and Chairman of the Council of the Chartered Institute of Stockbrokers (CIS), becoming the first woman to hold the prestigious position since the Institute’s establishment.

Her election by the Council represents a significant milestone in advancing gender inclusion and diversity within the leadership ranks of the Institute and the broader financial services sector. Stakeholders have described the development as a progressive step that reflects evolving attitudes toward women in leadership across Nigeria’s capital market.

Ahimie is set to succeed Oluropo Dada, whose tenure is expected to conclude ahead of the formal handover. She will be officially inaugurated on June 25, when her tenure as President and Chairman of the Council will commence.

Industry observers note that her emergence could inspire greater female participation in stockbroking and capital market governance, while also reinforcing the Institute’s commitment to professionalism, innovation, and inclusivity.

Ahimie Makes History as CIS Elects First Female President

Nord Rolls Out Single-Digit Car Loans to Shift Nigerians from Tokunbo into Brand-New Vehicles

Nord Automobiles is targeting a major shift in Nigeria’s auto market with the rollout of a single-digit interest vehicle financing scheme, offering loans from as low as nine per cent to make brand-new cars more accessible to individuals and businesses.

The indigenous automaker said the initiative was designed to unlock demand for new vehicles and reduce the dominance of imported used cars, popularly known as Tokunbo.

The indigenous automaker unveiled the initiative, tagged Nord Finance, in Lagos on Tuesday, saying the plan would make vehicle ownership easier for individuals and businesses through flexible repayment options.

Chairman and Chief Executive Officer of Nord Automobiles, Mr Oluwatobi Ajayi, said the company was determined to change the long-standing culture of relying on used vehicles, which he described as costly to maintain, unreliable, and often unsafe.

“Our goal is to make more Nigerians drive brand-new vehicles,” Ajayi said.

“For too long, Nigerians have been used to Tokunbo cars. While tokunbo cars have played a role in improving access to mobility, there are growing concerns around their long term reliability, safety standards, and overall cost of ownership.

As we look to the future, it is important to gradually transition towards more structured, reliable, and locally supported vehicle solutions that can better serve Nigerians and strengthen our economy.”

He said the financing package offers interest rates starting from 9%, and repayment tenures of up to 48 months.

According to him, the arrangement allows buyers to spread the cost of a new vehicle over several years rather than paying huge lump sums upfront.

“This means that instead of looking for N10m or N15m at once to buy a vehicle, you can pay a smaller amount monthly and drive a reliable brand-new car,” he said.

“You do not have to worry about frequent breakdowns or visiting mechanics regularly, like many Tokunbo owners do.”

Ajayi explained that the scheme is being executed through Nord Finance Limited, a subsidiary of Nord Automobiles, in partnership with a commercial bank.

He noted that prospective buyers can access financing for any of Nord’s 11 passenger and commercial vehicle models, as well as four models under its electric vehicle brand, Tavet.

Nigeria remains one of Africa’s largest automobile markets, with annual demand estimated at about 500,000 vehicles. However, only a small percentage of that figure represents brand-new purchases, while the majority are imported used vehicles.

Ajayi said the company hoped the financing package would help convert a portion of the used-car market into demand for new, locally assembled vehicles.

“Nigeria is a very big market of over 200 million people, with demand for about 500,000 vehicles yearly. Unfortunately, only around 14,000 to 20,000 of those are brand-new vehicles, depending on the data source,” he said.

“We believe that with Nord Finance, even if we move just five per cent of the Tokunbo market into the new-car segment, it will be a major shift.”

He also said Nord vehicles are specifically designed to meet Nigerian driving conditions, unlike many imported models originally built for foreign markets.

The Nord CEO said, “We have seen that many vehicles brought into Nigeria were not designed for our roads, our fuel quality, or our weather.

“Our vehicles are robust; they have high ground clearance, cooling systems that can withstand Nigeria’s heat, and engines tuned to perform well with the fuel available here.”

Ajayi said Nord has the production capacity to meet rising demand, adding that the company assembles its vehicles in Epe and at the University of Lagos.

“When you buy a Nord, you are buying a vehicle built for you. It is durable, dependable, and gives peace of mind,” he added.

Founded in 2018, Nord Automobiles focuses on designing, assembling, and distributing locally made vehicles from its Lagos base, with a growing portfolio that includes passenger, commercial and electric models.