Africa’s richest businessman, Aliko Dangote, has revealed why his long-talked-about plan to buy English football club Arsenal never came to life, saying he had to prioritise completing his multibillion-dollar refinery project in Nigeria.
Dangote explained that he shelved the idea because the funds he intended to use for the takeover were needed to finish his massive industrial projects, including the $20bn refinery, fertiliser plant, and petrochemical facilities in Lagos.
He made the disclosure during a podcast interview with Nicolai Tangen, the Chief Executive Officer of Norges Bank Investment Management, which was released on the firm’s official YouTube channel on Wednesday.
According to the billionaire industrialist, Arsenal was valued at around $2bn when he seriously considered acquiring the club, but he eventually decided that investing such a huge amount in football at the time would have affected his core business operations.
He said, “When I was really focused on buying Arsenal, I was also dealing with the challenge of ensuring the refinery, fertiliser and petrochemical projects were completed.
“At that time, Arsenal was worth about $2bn. I had to ask myself whether it made sense to put that money into buying the club and allow my business to suffer, or focus on completing the projects and remain a loyal supporter.”
Dangote noted that the club’s value has since risen significantly, making any takeover move far less attractive.
“Today they are worth much more, and it’s no longer worth it for me,” he said.
Despite abandoning the acquisition dream, Dangote said his passion for the North London club remains strong. He disclosed that he still supports Arsenal passionately and often wears the club’s jersey whenever they play, including one signed by the team captain.
“Any time they are playing, I always wear the shirt,” he added.
Speaking to young Africans during the interview, Dangote encouraged them to remain optimistic about the continent’s future and to commit themselves to hard work.
He urged African youths to believe in the opportunities available within the continent rather than looking elsewhere for success.
“My advice to young Africans is to work hard and believe that the future is better than the present situation. Africa is a land full of promise, and they should stay and build it,” he said.
Dangote has been linked with a possible Arsenal takeover for more than 15 years. A longtime fan of the club since the 1980s, he was first associated with plans to buy a minority stake in 2010.
In 2015, he told the BBC that he intended to make a full takeover bid after his refinery project had generated enough liquidity. He repeated the ambition several times up to 2020, including during an interview with American investor David Rubenstein, where he said he would only pursue the club after completing his major industrial projects.
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