Nigerian billionaire Aliko Dangote has given an explanation for his decision to concentrate his resources on finishing the Dangote Refinery rather than pursuing his long-held goal of purchasing Arsenal F.C.
Speaking in an interview with the CEO of Norges Bank Investment Management, Nicolai Tangen, Dangote said he came close to making a move when Arsenal was valued at about $2 billion 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 focused on the refinery getting 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 opted to keep backing the club as a supporter rather than as an owner.
“So I decided to continue to support them, watch their games. Any time Arsenal plays, I always wear the jersey. I am a fan, it is better I remain as a fan and continue to fund my business,” he said.
The billionaire added that the club’s value has risen significantly since then, making a takeover far less attractive.
“And today they are worth billions; it is not worth the while,” he said.
