Africa’s richest man, Aliko Dangote, has regretted not buying Arsenal FC when he had the chance. He said “time has passed” for him to do so.
Dangote, in an interview with Bloomberg’s Francine Lacqua in New York, reflected on the missed opportunity, stating that economic realities have changed since his interest in buying the club.
“The last time we had this interview, I said as soon as we finish the refinery, I am going to try and buy Arsenal. But the issue is that everything has gone up. And the clubs too are doing extremely well. At that time, Arsenal wasn’t doing very well,” Dangote explained.
Dangote regrets not buying the football club for $2 billion. He said his financial focus at the time was on his refinery project in Nigeria, which was a higher priority for him.
“I would have bought it for $2 billion, but I wouldn’t have been able to finish my project. So, it was either you finish your project or buy Arsenal,” he said.
Dangote said it would be of no use purchasing the club since its value has hit $4 billion. He revealed that he lacks the “Excess liquidity” needed for such a purchase and would rather invest in other significant ventures.
“I will continue to be the biggest fan of Arsenal. I watch their games every day. I will remain a major supporter of the club, but I don’t think it makes sense today to buy Arsenal.”
Dangote emphasised that completing the refinery in Nigeria was the right choice. He said the refinery’s refining capacity represents 1 1% of the world’s total.
When asked about whether he would consider undertaking another project of this scale, Dangote humorously replied, “I won’t do this kind of huge refinery project again. Doing this refinery is what gave me my grey hair.”
Dangote also remarked on Nigeria’s gasoline subsidy, describing it as delicate for a country used to inexpensive fuel. Nonetheless, he stressed the importance of reform, particularly as his refinery’s production is projected to ease the strain on the country’s ailing currency.