‎By Teddy Nwanunobi

‎Africa’s richest man, Aliko Dangote, would have been the owner of the English Premier League club, Arsenal, if it were not because he needed the funds to complete his $20 billion refinery project in Lagos State, he has revealed.

‎The billionaire industrialist made the disclosure in a podcast interview with Nicolai Tangen, Chief Executive Officer of Norges Bank Investment Management, released via the firm’s official YouTube channel.

‎Dangote, who is Founder and Chief Executive Officer of the Dangote Group, said Arsenal was valued at about $2 billion at the time he was seriously considering a takeover, but chose to redirect the capital into his business.

‎“When I was really very, 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. 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.

‎Dangote said 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 supporter of the club since the 1980s, he was first connected to a possible minority stake purchase in 2010 and told the BBC in 2015 that he planned a full takeover bid once his refinery provided the necessary liquidity.

‎He reiterated the ambition repeatedly through 2020, telling American financier David Rubenstein that year: “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.”