Nigerian Billionaire and Africa’s Richest man, Aliko Dangote, has revealed why he abandoned his long-standing dream of buying Arsenal F.C., saying he chose instead to channel his resources into completing the $20 billion Dangote Refinery project.
The billionaire industrialist made the disclosure during a recent podcast interview with Nicolai Tangen, CEO of Norges Bank Investment Management.
Dangote said Arsenal was valued at approximately $2 billion at the time he was seriously considering a takeover, but 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 focus on the refinery get to its completion. At the time, Arsenal was worth about 2 billion dollars, so I asked myself: should I put my 2 million dollars in Arsenal and allow the business to suffer, or continue the business and continue to remain a very big supporter of Arsenal.”
Dangote said he eventually decided to remain a supporter rather than pursue ownership, noting that Arsenal F.C.’s current valuation had 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,” he said.
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.
