Africa’s richest man, Billionaire Aliko Dangote, has restated that his $20 billion refinery project in Lagos prevented him from buying into English Premier League club, Arsenal.
In a podcast broadcast by Nicolai Tangen, Chief Executive Officer of Norges Bank Investment released on YouTube Wednesday, Dangote said that if not for the refinery project, he would have bought the North London Gunners.
According to Dangote, Arsenal was worth about $2 billion at the time he was seriously considering a takeover, but the magnitude of his refinery project did not allow him the luxury of diverting funds to a football club ownership.
“When I was really 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.
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,” recalled the billionaire businessman.
He reveals that he chose to continue backing the club as a loyal fan rather than as an owner.
“So I decided to continue to support them, watch their games. Any time Arsenal plays, I always wear the jersey signed for my by the Captain. I am a fan—it is better I remain a fan and continue to fund my business,” Dangote further observed in the podcast.
Dangote urged young Africans on the need for hard work and continental pride.
“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 interests in Arsenal dates back over 15 years.
He told BBC Africa Sports in 2015 that he planned a full takeover bid once his refinery provided the necessary funds.
Africa’s richest man had told American financier, David Rubenstein, in 2020: “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 my projects at hand (including the refinery under construction) then.”
