Dangote Abandons Arsenal Acquisition for Refinery Project
Aliko Dangote, Africa's richest man and founder and CEO of Dangote Group, disclosed in a podcast interview with Nicolai Tangen, CEO of Norgesk Bank, that he has abandoned plans to acquire the English Premier League club Arsenal. He stated that he needs to redirect funds to complete a $20 billion refinery project in Lagos.
At the time he seriously considered taking over Arsenal, the club was valued at $2 billion. Dangote chose to focus on his business rather than pursue ownership of Arsenal, which he believes would suffer if he diverted resources.
He has been a long-time supporter of Arsenal, having first connected with the club in 1980 and expressing interest in a minor stake purchase in 2010. Although he had plans for a full takeover in 2015 and reiterated ambitions in 2020, he has never lodged a formal bid, stating, "I'm not buying Arsenal right now; I'm buying Arsenal when I finish the project.".
Plus234Feed summary based on reporting from Punch Newspapers. Read the original report below.
Read full article
Continue on Punch Newspapers
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Dangote Abandons Arsenal Purchase for Refinery Project
Dangote Rejects NNPC's Bid to Increase Refinery Stake
Dangote Rejects NNPCL's Bid to Increase Refinery Stake
Dangote Plans 10% Stake Sale in $20bn Refinery IPO
Dangote Rejects NNPC's Bid to Increase Refinery Stake
Otedola Bets $100M on Dangote’s Oil Refinery IPO
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
