In a statement, the company described these allegations as false and misleading, asserting that they have no basis in fact. The rumors suggested that Dangote sought financial assistance from his associates for his refinery project, which has an estimated cost of 20 billion dollars.

The allegations originated from a viral post on X by a user identified as Oghneminehhhhh. This post claimed that Elumelu had promised 20 million dollars to Dangote, while other associates reportedly raised 500 million dollars, with 300 million dollars contributed by Femi Otedola.

However, the Dangote Group emphasized that it does not finance projects through personal loans from friends. They reaffirmed their longstanding and cordial relationship with Elumelu, stating, “Equally false are suggestions of any estrangement between Aliko Dangote and Mr. Tony Elumelu.” This relationship has been pivotal in their collaborative efforts within various business ventures.

This situation underscores the growing issue of misinformation in today’s digital age. The company warned against spreading false narratives and indicated that it may pursue legal action against those responsible for disseminating this misleading content. They noted a troubling pattern of fabricated statements regarding its leadership.

The spokesperson for the Dangote Group, Anthony Chiejina, stated: “All individuals, organisations, and platforms involved in the creation, publication, or dissemination of such false content are hereby put on notice to desist immediately.” This proactive stance aims to protect their reputation as they navigate these challenges.

As observers watch closely, it remains critical for businesses to prioritize integrity and transparency in their communications. The implications of misinformation can lead to significant reputational harm—something no organization can afford in today’s competitive landscape.

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Recent Developments

As of March 10, 2026, Dangote Petroleum Refinery has increased its gantry price for petrol to N1,175 per litre. Prior to this hike, petrol was selling at about N937 per litre at some stations, with prices reported at N1,050 per litre at NNPC retail stations. Following the increase, some filling stations have been selling petrol for N1,250, N1,350, and N1,400.

In addition to petrol, diesel prices have also surged, reaching N1,750 per litre. This price hike has been attributed to global crude oil prices, which have surged above $80 per barrel.

On March 9, 2026, crude oil prices saw significant fluctuations as geopolitical tensions in the Middle East escalated. Just before the market opened, Brent crude briefly surged to $119.50 per barrel, while West Texas Intermediate (WTI) soared to $119.48 per barrel. This spike in prices was largely attributed to the ongoing conflict involving Iran, which has disrupted oil production and shipping through the Strait of Hormuz, affecting approximately 15 million barrels of crude oil daily.

Price Dynamics

Prior to the conflict, crude oil was selling for around $70 per barrel. The situation changed dramatically after the U.S. and Israel launched military operations against Iran on February 28, 2026. Following the initial surge, oil prices fell to under $90 later in the day, reflecting a volatile market response to the ongoing crisis.

Impact on Consumers

The fluctuations in crude oil prices have also impacted consumers directly. As of March 9, 2026, the average price of a gallon of regular gasoline in the U.S. rose to $3.48, while diesel prices reached $4.66 per gallon. These increases are a direct consequence of the rising crude oil prices and the disruptions in supply chains.

Refinery Operations

The Dangote Petroleum Refinery, one of the largest in Africa, operates at full capacity, processing about 650,000 barrels per day. However, the refinery is also affected by the rising costs of crude oil, which have led to increased prices for refined products. The gantry price of Premium Motor Spirit (PMS) was raised to ₦1,175 per litre, while the price of Automotive Gas Oil (AGO) increased to ₦1,620 per litre.

Freight Costs Surge

Freight costs have surged dramatically due to the heightened tensions, with tanker costs rising from about $800,000 to roughly $3.5 million per shipment. This increase in shipping costs further exacerbates the situation for consumers and businesses reliant on oil imports.

Expert Opinions

Experts have weighed in on the current state of the oil market. Nicholas Mulder remarked, “In economic terms, this is already the largest oil supply shock ever.” Meanwhile, French Finance Minister Roland Lescure stated, “We’re not there yet,” indicating that the situation may evolve further. President Donald Trump described the conflict as “very complete,” highlighting the seriousness of the geopolitical landscape.

Future Uncertainties

As the situation develops, uncertainties remain regarding future price trends of crude oil. The duration of the current energy crisis is also unclear, leaving consumers and businesses to navigate a turbulent market. Details remain unconfirmed regarding the long-term implications of these events on global oil supply and pricing.

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“The current Middle East crisis is affecting overall global energy prices, crude oil, LNG and other fuels, and that has implications for refined product pricing globally,” stated a source from the Dangote refinery. This remark comes as the Nigerian National Petroleum Company Limited (NNPCL) has raised fuel prices for the second time in less than 24 hours, reflecting the ongoing volatility in the global energy market.

As of March 8, 2026, NNPCL adjusted its pump price from N967 to N1,082 per liter in Abuja. Retail pump prices in various states have now exceeded N1,000 per liter, with some stations reportedly dispensing petrol at around N1,200 per liter.

The increase in prices follows a significant rise in crude oil prices, which have surged above $90 per barrel due to geopolitical tensions in the Middle East. This situation has prompted the Dangote refinery to temporarily suspend the loading of Premium Motor Spirit (petrol), further complicating the supply chain.

According to reports, the refinery’s gantry price has increased from N874 to N995 per liter. The refinery currently receives only five cargoes a month from NNPC, falling short of the 13 cargoes required under the naira-for-crude policy. This has raised concerns about the sustainability of local refining amid increasing import pressures.

Mohammed Ibrahim, a local industry expert, commented, “What we are seeing is nothing but deliberate blackmail by some fuel importers who feel threatened by local refining.” This highlights the tensions between local producers and importers as fuel prices continue to escalate.

Furthermore, a Dangote refinery official emphasized, “Selling below cost would undermine our ability to procure crude, sustain production, and guarantee supply.” This statement underscores the challenges faced by local refineries in maintaining operations amid rising costs.

Jeremiah Olatide, another industry analyst, noted, “If the refinery was not operating, petrol prices in Nigeria could easily have reached N1,500 per litre.” This suggests that the local refining capacity is playing a crucial role in moderating potential price hikes.

The Nigerian National Petroleum Company Limited has begun moves to secure crude oil supply for the Dangote Petroleum Refinery through third-party international traders, aiming to stabilize the supply chain.

Details remain unconfirmed regarding the immediate impact of these crude oil supply interventions on petrol prices. The long-term effects of geopolitical tensions on fuel prices also remain uncertain as the situation develops.

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