Aliko Dangote Reveals Why He Chose His $20B Refinery Over Buying Arsenal FC

Dangote made the disclosure in a podcast interview with Nicolai Tangen, CEO of Norges Bank Investment Management, released via the firm's official YouTube channel. The podcast, titled "In Good Company," reaches a global audience of business leaders, investors, and policymakers.

Dangote said Arsenal was valued at approximately $2 billion at the time he was seriously considering a takeover, but chose to redirect the capital into his business instead. The admission ends years of speculation about whether the Nigerian billionaire ever came close to pulling the trigger on a deal.

The $2 Billion Question: Arsenal or the Refinery

The financial dilemma Dangote faced was stark and binary. He explained that he had to make a difficult choice, asking himself: "Should I put my money in Arsenal and allow the business to suffer, or continue the business and remain a very big supporter of Arsenal?"

Dangote later acknowledged his regret directly, saying: "I regret not buying Arsenal before. But my money was needed to complete my projects rather than buying Arsenal. I would have bought it for $2 billion, but I wouldn't have been able to finish my project." He framed it as a choice between two competing legacies, and chose industrialisation over football.

During the podcast, Dangote said: "When I was really very, very focused on buying Arsenal, then I was also facing the challenge of making sure the refinery gets its own completion, the fertilizer, the petrochemical. At that time, Arsenal was worth just about $2 billion."

Arsenal's Valuation Has Since Left Dangote Behind

Here is where the story takes a painful turn for the billionaire. Arsenal FC was most recently valued at $3.4 billion by Forbes in May 2025, placing the club as the eighth most valuable football club globally. That valuation reflects a significant 31% increase from the previous year, driven by record revenues of $771 million for the 2023-24 season.

Dangote acknowledged that he no longer has the excess liquidity to justify spending $4 billion on a football club solely for promotional purposes. The window, he conceded, has closed.

Dangote said he ultimately resolved to remain a fan rather than a club owner, adding that Arsenal's current valuation had made the acquisition even less viable. "Today they are worth billions and it's not really worth my while at all," he said.

Over 15 Years of Arsenal Ambition, Now Officially Closed

Dangote has been publicly linked to an Arsenal takeover for over 15 years. A supporter of the club since the 1980s, he was first connected to a possible minority stake purchase in 2010 and told the BBC in 2015 that he planned a full takeover bid once his refinery provided the necessary liquidity.

In 2020, Dangote reiterated: "It is a team that yes I would like to buy someday, but what I keep saying is we have $20 billion worth of projects and that's what I really want to concentrate on. I'm trying to finish building the company and then after we finish, maybe some time in 2021 we can." That timeline never materialised.

In 2022, Spotify founder Daniel Ek also launched a high-profile takeover bid for Arsenal, which was abruptly turned down. That rejection reinforced what analysts had long suspected: Arsenal's ownership under the Kroenke family was never genuinely on the market.

The Kroenke Factor: Was Arsenal Ever Actually for Sale

There has never been any concrete evidence or public indication that Stan Kroenke, Arsenal's owner, was ever willing to sell or that the club was actually up for sale. Despite this, Dangote has repeatedly voiced his desire to one day own Arsenal, which kept fans speculating over the years.

When Kroenke took full control of Arsenal in 2018, many fans hoped he might be open to offers, but both Stan and his son Josh Kroenke repeatedly affirmed their commitment to the club, and Arsenal are starting to reap the rewards of that. Dangote's ambition, while sincere, may have always been chasing a deal that was never on the table.

The Dangote Refinery: The Real Winner of This Decision

Dangote spent over $20 billion to build Nigeria's first private refinery, the Dangote Refinery, one of the largest private investments in the country's history. Located in Lagos, the refinery is designed to process 650,000 barrels of crude oil per day, with the capacity to serve Nigeria and export across Africa and beyond.

Dangote founded the Dangote Group, the largest conglomerate in West Africa, in 1981. Today the group spans cement, sugar, salt, flour, fertiliser, and petrochemicals across multiple African countries.

The Norges Bank podcast itself underscores a broader development. Norges Bank Investment Management expressed strong interest in partnering with the Dangote Group to expand its footprint across the African continent, focusing on power, energy, renewables, agriculture, fertiliser, and cement. That conversation signals that Dangote's industrial bet is paying dividends in global investor credibility.

Dangote Remains Arsenal's Most Devoted Billionaire Fan

Despite closing the door on ownership, Dangote has not walked away from the club emotionally. Dangote said he still follows the club closely and wears the jersey on matchdays, including one signed by the team's captain. The gesture is symbolic of a fan who came closer than most to making history as the first Nigerian to own an English Premier League club.

Under the leadership of Spanish manager Mikel Arteta, Arsenal has seen a resurgence in recent years, currently competing in the UEFA Champions League and sitting near the top of the Premier League table, a far cry from the struggling team Dangote once considered purchasing. The club Dangote wanted to rescue is now one of Europe's most competitive sides.

Dangote remains a dedicated club supporter despite stepping back from a potential acquisition. "I will continue to be the biggest fan of Arsenal and watch matches," he said.

Dangote's Message to Africa Closes the Podcast on a Larger Note

On his message to young Africans, Dangote urged hard work and continental pride. "My own advice to young African people is to work hard and also have the belief that the future is greater than the current situation that we're in. Africa is a promising land and they should stay at home," he said.

The remark ties together the two threads of the interview: a man who chose Africa's industrial future over European football glamour, and who now urges the next generation to make the same bet on the continent.