Dangote to Penetrate Europe, America with $50b Investment


Dangote to Penetrate Europe, America with $50b Investment

Speaking in an interview with Bloomberg Markets Magazine, the Africa's richest man, who has in the past been reported to be interested in buying Arsenal Football Club of England, disclosed that he will begin to explore the two foreign markets from 2020, after completing his $16 billion projects in Nigeria.

Aliko Dangote, 60, has a net worth of $11.6bn, according to the Bloomberg Billionaires Index. His first move, in the event that he succeeds in buying the club, would be to fire Arsene Wenger. The cement magnate said he'll consider making a formal bid once he is done with the construction of a massive $11 billion oil refinery in Nigeria's commercial capital, Lagos, by the end of the decade.

Arsenal FC, which is valued at $2.6 billion, is now owned by a group of shareholders including American billionaire Stan Kroenke, who holds a 67 percent majority stake.

Dangote Group would consider investment in Asia and Mexico, but would focus mainly on the U.S. and Europe, he said, adding that, "I think renewable energy is the way to go forward, and the future".

Wenger is one of Europe's longest-serving coaches.

Dangote says Wenger "has done a good job", but believes "someone else should try his luck". However, Kroenke rejected the bid, insisting that he was committed to the club.

Stan Kroenke is now Arsenal's biggest shareholder, controlling 67% of the club.

Dangote said he's optimistic that the right offer will persuade Kroenke and Usmanov to sell their shares to him.

"If they get the right offer, I'm sure they would walk away", he said. He was appointed to Arsenal in 1996, and since then he's won three Premier League titles and seven FA Cup trophies. Poor results have led some Arsenal fans to call for Wenger to be sacked.