Africa’s richest man, Aliko Dangote, has revealed that his long-held ambition of buying English Premier League side Arsenal FC was shelved as he prioritised completing his $20 billion refinery project in Lagos. Dangote made the revelation during a podcast interview with Nicolai Tangen, which was released on Wednesday on the investment firm’s official YouTube channel.
According to the billionaire businessman, Arsenal was valued at about $2 billion at the time he seriously explored the possibility of acquiring the club. However, he said the enormous financial commitment required to complete his refinery, fertiliser and petrochemical projects forced him to abandon the plan.
Reflecting on the decision, Dangote explained that while owning the North London club was a personal dream, his immediate focus had to remain on delivering projects he believed would have a greater long-term impact on Nigeria’s economy.
He noted that balancing both ambitions at the same time became unrealistic, prompting him to channel his resources into ensuring the successful completion of the massive industrial projects.
Dangote’s refinery in Lagos, widely regarded as one of Africa’s largest industrial investments, has been a major focus of the Dangote Group chairman in recent years.
He said, “At that time, Arsenal was worth just about $2 billion. Should I put my $2 billion in Arsenal and now allow the business to suffer? Or should I complete the business? Then I can continue to remain a very big supporter of Arsenal,” he said.
He said he ultimately resolved to remain a fan rather than a club owner, adding that Arsenal’s current valuation had made the acquisition even less viable.
“Today they are worth billions, and it’s not really worth my while at all,” he said.
According to Dangote, he still follows the club closely and wears the jersey on matchdays, including one signed by the team’s captain.
“Any time that they are playing, I always wear the t-shirt,” he said.
On 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.
A lifelong supporter of Arsenal since the 1980s, Aliko Dangote was first linked with plans to acquire a minority stake in the club in 2010. In 2015, he told the BBC that he intended to launch a full takeover bid once his refinery project generated enough liquidity.
He continued to reaffirm that ambition in the years that followed. In 2020, during an interview with David Rubenstein, Dangote said, "It is a team that, yes, I would like to buy some day… I’m not buying Arsenal right now; I’m buying Arsenal when I finish all these projects.”
