Africa’s richest man says his multi-billion-dollar refinery project changed his football ownership plans.
Africa’s richest man, Aliko Dangote, has once again explained why he abandoned plans to buy Premier League giants Arsenal despite being one of the club’s most famous supporters.
The Nigerian billionaire revealed that the massive financial demands of completing his multi-billion-dollar refinery project in Lagos forced him to step away from pursuing ownership of the North London club.
Dangote made the comments during a podcast interview with Nicolai Tangen, the Chief Executive Officer of Norges Bank Investment Management, where he reflected on his long-standing ambition to acquire Arsenal.
According to the founder of Dangote Group, Arsenal was valued at around $2 billion when he seriously considered making a takeover move several years ago. However, he decided that investing heavily in his refinery, fertilizer and petrochemical businesses was the more important priority at the time.
“When I was really very focused on buying Arsenal, then I was also facing the challenge of making sure the refinery gets its completion,” Dangote explained during the interview.
The billionaire businessman added that diverting such huge funds into football ownership could have negatively affected the completion of his industrial projects, especially the Dangote Refinery, which has become one of Africa’s biggest energy investments.
Dangote also admitted that Arsenal’s current market value has now risen significantly, making a future takeover increasingly unrealistic even though he remains deeply attached to the club.
Despite walking away from the ownership dream, the Nigerian businessman insisted he is still a loyal Arsenal supporter and regularly follows the club’s matches. He revealed that he often wears Arsenal jerseys signed by club players whenever the Gunners are playing.
Dangote’s connection with Arsenal dates back more than 15 years. He previously told international media outlets, including the BBC and Bloomberg, that he intended to buy the club after completing his refinery project.
The 69-year-old businessman remains one of Africa’s most influential entrepreneurs through the Dangote Group, with interests spanning cement, sugar, fertilizer, petrochemicals and oil refining.
His latest comments have once again sparked conversations among football fans in Nigeria and abroad, many of whom had long hoped to see a Nigerian billionaire become owner of one of England’s biggest football clubs.