Africa’s richest man, Aliko Dangote, has explained why he dropped his long-standing ambition of buying English football club Arsenal F.C., saying he chose instead to focus on completing his massive oil project, the Dangote Refinery.
Speaking in an interview with Nicolai Tangen, CEO of Norges Bank Investment Management, Dangote said he came very close to purchasing Arsenal when the club was valued at around 2 billion dollars. However, he ultimately decided that investing in his refinery project was a more important long term decision.
According to him, at the time he was considering the takeover, he was also heavily focused on completing the refinery project, which he described as one of the most challenging investments of his career. He said he had to weigh whether to commit funds to buying the football club or continue channeling resources into his industrial project.
Dangote said he eventually chose to remain a supporter of Arsenal rather than becoming its owner, emphasizing that his priority was to ensure the success of his business ventures. He noted that while he remains a passionate fan, owning the club would have distracted him from completing the refinery.
He added that Arsenal’s value has increased significantly since then, making any potential takeover far more expensive and less practical. Despite stepping away from the deal, he said he continues to follow the club closely and supports them whenever they play.
The Dangote Refinery, located in Nigeria, remains one of the largest industrial projects in Africa and is central to Dangote’s long term vision of boosting energy production and reducing fuel import dependence across the continent.
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