Africa’s wealthiest individual, Aliko Dangote, has opened up about why he dropped his long-standing plans to purchase the English Premier League giants, Arsenal.
The billionaire industrialist explained that he needed to prioritize his funds for the completion of his $20 billion refinery project in Lagos.
The Dangote Group founder shared these details during a podcast interview with Nicolai Tangen, the CEO of Norges Bank Investment Management, which was released on Wednesday.
Dangote revealed that when he was seriously weighing a takeover, Arsenal was valued at approximately $2 billion.
However, he decided that redirecting that capital into his industrial projects was the smarter move.
“When I was really very, very focused on buying Arsenal, then I was also facing the challenge of making sure the refinery gets its own completion, the fertilizer, the petrochemical,” Dangote stated.
He further explained his dilemma: “At that time, Arsenal was worth just about $2 billion. Should I put my $2 billion in Arsenal and now allow the business to suffer? Or should I complete the business? Then I can continue to remain a very big supporter of Arsenal.”
Ultimately, the billionaire decided to remain a dedicated fan rather than an owner. He noted that the club’s skyrocketing valuation has made a purchase even less attractive now.
“Today they are worth billions and it’s not really worth my while at all,” he remarked.
Despite moving on from the idea of ownership, Dangote remains a die-hard supporter.
He shared that he still follows the team closely and wears their jersey on matchdays, including one signed by the club’s captain.
“Any time that they are playing, I always wear the t-shirt,” he added.
Addressing the next generation of Africans, Dangote encouraged persistence and belief in the continent.
“My own advice to young African people is to work hard and also have the belief that the future is greater than the current situation that we’re in. Africa is a promising land and they should stay at home,” he said.
Dangote’s link to a potential Arsenal takeover spanned over 15 years. A fan since the 1980s, he was first linked to a minority stake in 2010. By 2015, he told the BBC he planned a full bid once his refinery provided enough liquidity.
In 2020, he famously told financier David Rubenstein: “It is a team that yes I would like to buy some day… I’m not buying Arsenal right now, I’m buying Arsenal when I finish all these projects.”
Despite the years of headlines, a formal bid was never officially submitted.
