Africa’s richest man, Aliko Dangote, recently shared that he passed on the opportunity to buy Arsenal Football Club, one of the English Premier League’s top teams, opting instead to focus on investing in his massive petrol refinery project. The billionaire mogul expressed some regret over missing the chance to acquire the club when its value was lower.

The 67-year-old entrepreneur had previously expressed interest in purchasing Arsenal as early as 2019. At the time, Dangote indicated that he would consider buying the club after completing his 650,000 barrel-a-day refinery in Lagos, Nigeria.

By 2021, he was linked again with the London-based football club, which had been valued at approximately $2 billion at the time. Dangote’s interest was not new, as he had earlier sought to buy Lady Nina Bracewell-Smith’s 15.9% stake in Arsenal, a share eventually acquired by Stan Kroenke.

Fast forward to 2024, Dangote’s $20 billion petrol refinery is fully operational, producing diesel, jet fuel, and refining gasoline. Despite his passion for Arsenal and the sport, Dangote has now shelved his plans to buy the club.

Speaking in an interview with Bloomberg, the billionaire explained:

“I think that time has passed. The last time I told you as soon as I finish with the refinery, I was going to try and buy Arsenal. But you know, everything has gone up, and the club too is doing very well now. At that time, Arsenal wasn’t doing so well.”

Dangote further added:

“I don’t think I have that kind of excess liquidity to go and buy a club for $4 billion, especially just for promotional purposes. What I will do, however, is continue to be the biggest fan of Arsenal. I watch their games whenever they’re playing, and I will remain a major supporter.”

Currently, Arsenal is owned by American billionaire Stan Kroenke, with his son Josh Kroenke actively involved in the club’s operations. Despite Dangote’s decision, there has been no indication that Kroenke is willing to sell Arsenal. In fact, back in 2021, Spotify founder Daniel Ek made an unsuccessful bid to acquire the club.

While the dream of owning Arsenal may have passed for Dangote, the Nigerian billionaire stands by his decision, particularly considering the impact of his petroleum refinery on Nigeria’s economy. The project is expected to reduce Nigeria’s reliance on imported fuel and end a fuel subsidy that costs the nation billions annually.

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