Africa's Richest Man Laments Missed Opportunity: What Went Wrong?

 

Aliko Dangote, Africa's richest man and the President and CEO of Dangote Group, has expressed regret over not purchasing Arsenal Football Club when he had the opportunity.

 He had previously declared his intention to buy the club in 2020, after completing his refinery project, but unfortunately, that didn't materialize .

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“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's decision to prioritize his refinery project over acquiring Arsenal was largely driven by financial considerations. He explained that his funds were more needed to complete the project than to buy the club . Fast-forward to today, Arsenal's valuation has skyrocketed to $4 billion, making it a pricey venture even for someone of Dangote's wealth . 

Here are the key points from his recent statements:

Regret Over Missed Opportunity: Dangote had the chance to buy Arsenal when the club was valued at around $2 billion. He now sees this as a missed opportunity, especially since Arsenal's current valuation has doubled to approximately $4 billion.

Prioritization of Investments: His decision to not buy Arsenal was primarily because he prioritized the completion of the Dangote Refinery project, which required significant capital investment. This project was seen as crucial for his business interests and for Nigeria's infrastructure.

Current Stance on Buying Arsenal: With the club's value now at $4 billion, Dangote has indicated that he no longer has the "excess liquidity" to purchase Arsenal, especially if it's mainly for promotional purposes. He mentioned in an interview with Bloomberg's Francine Lacqua in New York that the time has passed for him to acquire the club.

Continued Support for Arsenal: Despite not buying the club, Dangote affirmed his continued support for Arsenal, suggesting he remains a fan but the business opportunity to own the club has slipped by due to his other commitments.

When asked if he would take on another project of this magnitude, Dangote responded humorously, “I won’t do this kind of huge refinery project again. Doing this refinery is what gave me my grey hair.”

Aliko Dangote, Africa's richest man, has called for the removal of Nigeria's gasoline subsidy, citing it as a "sensitive issue" due to the nation's long-standing reliance on cheap fuel . He emphasized that the subsidy's elimination is crucial, especially now that his refinery is operational and expected to help stabilize the naira by reducing pressure on the country's foreign exchange .

Dangote's refinery, which started supplying gasoline on September 15, has the capacity to refine 650,000 barrels of crude oil daily . This output is projected to alleviate the country's dependence on imported petroleum products, which currently consumes about 40% of Nigeria's foreign exchange . By reducing this demand, the naira is expected to stabilize.

This reflects Dangote's strategic business decisions, where he chose long-term industrial investment over the ownership of a football club, despite his interest in sports and Arsenal in particular.

Despite this, Dangote remains a devoted Arsenal fan, continuing to support the team by watching their games regularly . Who knows? Maybe one day, he'll revisit his dream of owning the club.