Aliko Dangote: Africa's Richest Man Explains Why He Turned Down the Chance to Buy Arsenal, Video
- Aliko Dangote said he chose to complete his refinery project instead of buying Arsenal
- The Nigerian billionaire revealed Arsenal were valued at around $2 billion at the time
- Dangote admitted the club has now become too expensive for him to consider purchasing
Africa’s richest man, Aliko Dangote, has finally explained why he walked away from the opportunity to buy Premier League giants Arsenal despite being a lifelong supporter of the club.
The Nigerian billionaire businessman revealed that he was forced to prioritise completing his massive industrial projects over purchasing the North London side.
Source: Getty Images
The 69-year-old billionaire made the revelation during an interview with Nicolai Tangen, CEO of Norges Bank Investment Management, on the In Good Company podcast.
He disclosed that he seriously considered buying Arsenal years ago when the club’s valuation was significantly lower than it is today.
However, he explained that the timing coincided with one of the most demanding periods of his business career, particularly during the construction of his refinery, fertiliser and petrochemical projects in Nigeria.
Dangote chose refinery over Arsenal
Speaking during the interview, Dangote admitted he faced a difficult financial decision at the time.
“Well, you know, I had to make a choice,” he said.
“When I was really very focused on buying Arsenal, I was also facing the challenge of making sure the refinery got to completion, alongside the fertiliser and petrochemical projects.”
The billionaire explained that Arsenal were worth around $2 billion at the time he strongly considered making a move for the club.
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According to him, he eventually decided that investing the money in his businesses was the wiser option.
“At that time, when I looked at everything, I said to myself, ‘Okay, fine, I have funding needs.’ Arsenal was worth about $2bn then,” Dangote stated.
“So I had to decide whether I should put my $2bn into Arsenal and allow the businesses to suffer, or complete the businesses first and continue to remain a very big supporter of Arsenal.”
The businessman added that he chose to remain a loyal fan instead of becoming the owner.
“I decided that I would continue to support them, watch their games, go there, and remain an Arsenal fan rather than buying the club.”
Arsenal now too expensive
Dangote also admitted that the possibility of buying Arsenal has now effectively disappeared because the club’s value has risen dramatically over the years.
According to him, the investment no longer makes financial sense.
“Honestly, it is better for me to remain a fan and continue to fund my own businesses rather than buying the club,” he said.
“Today, Arsenal are worth billions, so it is not really worth it for me anymore.”
Source: Getty Images
The comments appear to confirm earlier reports by Bloomberg suggesting the Nigerian billionaire had abandoned plans to pursue a takeover of the club.
Dangote had been linked with Arsenal for more than 15 years and repeatedly expressed interest in purchasing the Premier League side.
The billionaire first emerged as a potential investor in 2010 when reports connected him to a minority stake purchase.
In 2015, he told the BBC that he planned to launch a full takeover bid once his refinery project was completed and generating enough liquidity.
He repeated similar ambitions in later interviews, including a conversation with American financier David Rubenstein in 2020.
Dangote remains the richest Black person in the world with an estimated net worth of around $33.2 billion as of 2026.
Dangote remains a passionate Arsenal fan
Although he never completed the takeover, Dangote insisted he remains a committed supporter of the club.
The businessman revealed that he owns Arsenal merchandise and regularly watches matches wearing club apparel.
“Yes, I do,” Dangote said when asked if he owns an Arsenal scarf.
“I even have the T-shirts. Any time they are playing, I always wear the T-shirt.”
“I also have one that was signed by the captain. So, I am truly a fan.”
Dangote’s passion for Arsenal dates back to the 1980s and has remained strong despite the club’s long wait for Premier League success.
Arsenal chasing historic title triumph
Interestingly, Dangote’s comments come at a crucial period for Arsenal under manager Mikel Arteta.
Legit.ng previously reported that Arsenal remain favourites in their quest for a first Premier League title in 22 years despite growing pressure from Manchester City.
City’s recent victory over Crystal Palace reduced Arsenal’s lead at the top of the table from five points to two with only two games remaining.
Source: Legit.ng
