The billionaire also said it appears that the “time has passed” for him to buy the English club which is now in its best form in over a decade.
Dangote said these during a recent interview.
He said, “At the last time, I said as soon as I am finished with the refinery I am going to try and buy Arsenal.
“But the issue is that everything has gone up. The clubs too are also doing very well. Arsenal is doing extremely well.
“That time, Arsenal wasn’t doing well. I think I don’t have that kind of excess liquidity to go and buy a club for $4bn so to speak and use it as a promotional something.”
Dangote said he would invest the money in a more profitable venture.
He added, “You know, I would rather do something with the money. What I will do is to continue to be the biggest fan of Arsenal. I watch their games every day, anytime they are playing I will watch.
“So, I will remain a major supporter of Arsenal but I don’t think it makes sense today to buy Arsenal. Actually, I regret not buying it before but my money was needed more in completing my project than buying Arsenal.”
Dangote said he would have bought Arsenal for $2bn.