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Dangote Says He Prioritised $20bn Refinery Over Potential Arsenal Takeover
Africa's richest man, Aliko Dangote, said he abandoned plans to buy Arsenal when the club was valued at about $2 billion because completing his Lagos refinery, fertiliser plant and petrochemical ventures required his full financial focus. The 69-year-old Nigerian billionaire disclosed the decision in a podcast conversation with Nicolai Tangen released on YouTube.
May 15, 4:35 AM·2m read1 source
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Aliko Dangote prioritised completion of his $20 billion refinery project in Lagos over a potential takeover of Arsenal when the English Premier League club was valued at about $2 billion. The 69-year-old billionaire disclosed the choice in a podcast conversation with Nicolai Tangen that was released on YouTube.
Dangote said he faced simultaneous demands from the refinery, a fertiliser plant and petrochemical ventures, all under development at the same time.
"When I was really very focused on buying Arsenal, then I was also facing the challenge of making sure the refinery gets its own completion, the fertilizer, the petrochemical," Dangote said. "Should I put my $2 billion in Arsenal and now allow the business to suffer? Or should I complete the business?
He decided against the purchase. "So I decided to continue to support them, watch their games. Any time Arsenal plays, I always wear the jersey signed for me by the captain. I am a fan, it is better I remain a fan and continue to fund my business," Dangote added.
AllAfrica reported that the Dangote Refinery was designed to reduce Nigeria's dependence on imported petroleum products. The project is widely regarded as one of the largest single private investments in Africa's history. Dangote first made his interest public more than a decade ago.
In 2015 he told BBC Africa Sport that he intended to launch a takeover bid for Arsenal once his refinery project began generating sufficient returns. Five years later he confirmed that ambition during an interview with David Rubenstein. "It is a team that yes I would like to buy some day," Dangote said in 2020.
