Africa’s richest man, Aliko Dangote, has revealed that he stepped away from plans to acquire English Premier League side Arsenal because he needed to focus his resources on completing his multi-billion-dollar refinery project in Lagos.

The billionaire businessman made the disclosure during a podcast interview with Nicolai Tangen, Chief Executive Officer of Norges Bank Investment Management. The interview was released on Wednesday through the company’s official YouTube channel.

Dangote, the Founder and Chief Executive Officer of the Dangote Group, explained that Arsenal was valued at around $2 billion at the time he seriously considered buying the club. However, he decided to channel the funds into his expanding business empire instead.

“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,” he said.

“At that time, Arsenal was worth just about $2 billion. Should I put my $2 billion in Arsenal and now allow the business to suffer? Or should I complete the business? Then I can continue to remain a very big supporter of Arsenal.”

According to him, the decision eventually came down to choosing between football ownership and securing the future of his major industrial projects.

Dangote added that Arsenal’s current market value has now made any potential takeover less attractive.

“Today they are worth billions and it’s not really worth my while at all,” he stated.

Despite abandoning the idea of owning the club, Dangote said he remains a passionate Arsenal supporter and still follows the team closely. He disclosed that he often wears the club’s jersey on matchdays, including one signed by the team captain.

“Any time that they are playing, I always wear the t-shirt,” he said.

Speaking on the future of Africa and the younger generation, Dangote encouraged young Africans to remain hopeful, work hard and believe in the continent’s potential.

“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.

Dangote has been linked with a possible Arsenal takeover for more than 15 years. A longtime supporter of the North London club since the 1980s, he was first associated with plans to buy a minority stake in 2010.

In 2015, he told the BBC he intended to launch a full takeover bid once his refinery project generated enough liquidity. He also repeated the ambition in 2020 during an interview with American financier David Rubenstein.

“It is a team that yes I would like to buy some day… I’m not buying Arsenal right now, I’m buying Arsenal when I finish all these projects,” he had said at the time.

However, no official takeover bid was ever submitted.