Africa’s richest man, Aliko Dangote, has revealed that he shelved long-standing plans to acquire English Premier League club Arsenal to channel resources into completing his $20bn refinery project in Lagos.
Dangote disclosed this in a podcast interview with Nicolai Tangen, Chief Executive Officer of Norges Bank Investment Management, released via the firm’s official YouTube channel.
The billionaire businessman, who is Founder and Chief Executive Officer of the Dangote Group, said Arsenal was valued at about $2bn when he seriously considered purchasing the club, but he ultimately chose to prioritize his industrial investments.
“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.
“At that time, Arsenal was worth just about $2bn, Should I put my $2bn 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.
Dangote explained that while he once had strong ambitions to own the North London club, its soaring valuation has since made the idea less practical.
“Today they are worth billions and it’s not really worth my while at all,” he said.
Despite abandoning the takeover dream, Dangote said his passion for Arsenal remains strong, noting that he still follows the club closely and proudly wears its jersey on matchdays, including one signed by the team captain.
“Any time that they are playing, I always wear the t-shirt,” he said.
Speaking on the future of Africa’s youth, Dangote encouraged young people across the continent to embrace hard work and remain optimistic about Africa’s prospects.
“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 has been associated with a possible Arsenal takeover for more than 15 years. A loyal supporter of the club since the 1980s, he was first linked to a minority stake purchase in 2010 and later told the BBC in 2015 that he intended to pursue a full takeover once his refinery project generated sufficient liquidity.
He continued to reiterate that ambition through 2020, famously stating during an interview with American 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.”
However, with his refinery now complete and Arsenal’s market value significantly higher, Dangote appears to have accepted that his role will remain that of a devoted supporter rather than owner.
