Africa’s richest man, Aliko Dangote, has explained why he was unable to complete a takeover of English Premier League club Arsenal, saying his $20 billion refinery project in Lagos demanded full financial and managerial commitment.
Dangote made the remarks during a podcast hosted by Nicolai Tangen, Chief Executive Officer of Norges Bank Investment Management, released on YouTube.
He said that while he was seriously considering buying Arsenal—then valued at about $2 billion—his focus at the time was on completing major industrial projects, including his refinery, fertilizer, and petrochemical plants in Nigeria.
According to him, the scale of the refinery project made it difficult to divert such a huge amount of money into football club ownership.
“At that time, Arsenal was worth just about $2 billion. Should I put my $2 billion in Arsenal and allow the business to suffer, or should I complete my business and remain a very big supporter?” he said.
He added that he eventually chose to remain a devoted fan of the club rather than becoming its owner.
“So I decided to continue to support them and watch their games. Anytime Arsenal plays, I wear the jersey signed for me by the captain. I am a fan—I should remain a fan and continue to fund my business,” he said.
Dangote also encouraged young Africans to work hard and maintain confidence in the continent’s future, describing Africa as a land of opportunity.
His interest in Arsenal is not new, as he has spoken about a possible takeover for more than 15 years. In 2015, he told BBC Africa Sports that he planned to bid for the club once his refinery project was completed, and in a 2020 interview with American financier David Rubenstein, he repeated that he would revisit the idea after finishing his major projects.
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