Nigerian billionaire Aliko Dangote has explained why he did not pursue his long-held ambition of acquiring English football club Arsenal F.C., saying he chose instead to focus his resources on completing the Dangote Refinery.
Speaking in an interview with Nicolai Tangen, chief executive officer of Norges Bank Investment Management, Dangote said he came close to making a move when Arsenal was valued at about 2 billion dollars.
However, he said he ultimately decided that investing in his refinery project was a more strategic choice at the time.
“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 to get to its completion.”
He added that he weighed the decision between acquiring the football club and sustaining his business expansion.
“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.
Dangote noted that the club’s value has since increased significantly, making a takeover less attractive in hindsight.
“And today they are worth billions, it is not worth the while,” he added.