Aliko Dangote, the Nigerian billionaire and Africa's richest man, has finally explained why he abandoned his long-standing ambition to purchase Arsenal Football Club. In a recent podcast interview with Nicolai Tangen, CEO of Norges Bank Investment Management, Dangote disclosed that he chose to channel his resources into completing the $20 billion Dangote Refinery project instead.
During the interview, Dangote revealed that Arsenal was valued at approximately $2 billion when he was seriously considering a takeover. However, he ultimately concluded that investing in his refinery project was the wiser decision. "I'm a big Arsenal fan, yes, I nearly bought the team," Dangote said. "When I was focused on buying Arsenal, I was also focused on getting the refinery to its completion. At the time, Arsenal was worth about $2 billion, so I asked myself: should I put my $2 billion in Arsenal and allow the business to suffer, or continue the business and continue to remain a very big supporter of Arsenal?"
Dangote noted that he eventually decided to remain a supporter rather than pursue ownership. He added that Arsenal's current valuation has made a takeover even more unrealistic. "Today they are worth billions, and it's not really worth my while at all," he said. "Any time that they are playing, I always wear the t-shirt."
In his message to young Africans, Dangote urged 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 has been publicly linked to an Arsenal takeover for over 15 years, but this is the first time he has provided a clear explanation for why the deal never materialized.
