Dangote’s Arsenal Dream: Why Africa’s Richest Man Picked the Refinery Over Football

Aliko Dangote recently shared why he decided not to buy Arsenal FC. Speaking on a podcast with Nicolai Tangen, CEO of Norges Bank Investment, he explained that his $20 billion Lagos refinery project, not a lack of interest, was the real reason behind his choice.

A $2 billion decision he had to pass up

Between 2015 and 2020, Dangote seriously considered buying Arsenal, which was valued at about $2 billion. While he could afford it on paper, the reality was different. His refinery, fertilizer plant, and petrochemical complex all needed major investment at that time. Putting $2 billion into football would have left his businesses short of the money they needed.

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“Should I put $2 billion in Arsenal and let the business suffer? Or should I finish the business?” he told Tangen. He decided to focus on finishing his projects, believing that building a strong business would help him as a fan and investor in the future.

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I chose to keep supporting Arsenal and watching their games. Whenever they play, I wear the jersey the Captain signed for me. I’m a fan, and for now, I’d rather stay a fan and focus on growing my business.

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Looking back, Dangote’s interest in Arsenal has gone up and down for more than 15 years.

He has talked about wanting to buy Arsenal in public interviews for over 15 years.

In 2015, he told BBC Africa Sports that a full takeover bid was his intention once his refinery delivered the financial firepower to support it. In 2020, speaking with American financier David Rubenstein, he was equally direct: “It is a team that, yes, I would like to buy someday. I’m not buying Arsenal right now,  I’m buying Arsenal when I finish all my projects at hand.”

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The refinery started operating in 2023, so Dangote’s earlier condition has now been met. Still, he did not say in the podcast whether he might try to buy Arsenal in the future.

A message for young Africans

Aside from talking about Arsenal, Dangote used the podcast to speak to a wider audience. He encouraged young Africans to work hard, stay in Africa, and believe in the continent’s future. “Africa is a promising land; they should stay at home,” he said, adding that the future is brighter than it may seem right now.

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