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.".