Africa’s richest man, Aliko Dangote, has explained that he abandoned his long-standing ambition to acquire English Premier League club Arsenal in order to channel resources into completing his $20 billion Dangote Refinery project.
The billionaire industrialist made the disclosure during a recent podcast interview with Nicolai Tangen, CEO of Norges Bank Investment Management.Dangote said Arsenal was valued at approximately $2 billion at the time he was seriously considering a takeover.
However, he faced a critical choice between investing in the club and ensuring the timely completion of his major industrial projects, including the refinery, fertiliser, and petrochemical plants.
“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,” he said.
He noted that Arsenal’s valuation has since risen significantly, making the deal even less attractive. “Today they are worth billions and it’s not really worth my while at all,” Dangote added.
Despite stepping away from ownership, the Dangote Group chairman remains a passionate supporter of the Gunners.
He said he still follows the team closely and wears an Arsenal jersey including one signed by the captain on match days.Dangote has been linked with a possible Arsenal takeover for over 15 years.
A longtime fan since the 1980s, he had publicly expressed interest in buying the club once his refinery provided sufficient liquidity, but no formal bid was ever made.
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