Africa’s richest man, Aliko Dangote, has explained why he abandoned his long-standing ambition of acquiring Arsenal F.C., saying he decided to concentrate fully on completing the Dangote Refinery instead.
Dangote made the revelation during an interview with Nicolai Tangen, where he disclosed that he seriously considered buying the Premier League club when it was valued at around $2 billion.
“I’m a big Arsenal fan, yes, I nearly bought the team,” Dangote said.
According to the billionaire businessman, he had to carefully weigh the financial implications of purchasing the club against the massive investment required to complete his refinery project.
“When I was focused on buying Arsenal, I was also focused on getting the refinery to completion,” he explained.
“At the time, Arsenal was worth about 2 billion dollars, so I asked myself: should I put my 2 billion dollars into Arsenal and allow the business to suffer, or continue the business and remain a very big supporter of Arsenal?”
Dangote said he eventually chose to remain a loyal supporter of the London club while directing his resources toward expanding his business empire.
“So I decided to continue to support them, watch their games. Anytime Arsenal plays, I always wear the jersey. I am a fan. It is better I remain a fan and continue to fund my business,” he added.
The billionaire further noted that the club’s market value has risen significantly over the years, making any potential takeover less attractive financially.
“And today they are worth billions, it is not worth the while,” Dangote stated.
Dangote’s refinery project, regarded as one of the largest single-train refineries globally, is expected to significantly reshape Nigeria’s oil and gas industry while reducing dependence on imported petroleum products.
Elijah Adeyemi
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