The industrialist worth £9.8 billion and is ranked the 67th richest person in the world by Forbes and has long expressed interest in taking over the London team.
The 59-year-old Nigerian and longtime Arsenal fan told Bloomberg that “there’s no doubt’ that he would purchase the club, “maybe three to four years,” he said.
Dangote explained: “The issue is that we have more challenging headwinds. I need to get those out the way first and start having tailwinds. Then I’ll focus on this.
“It’s not about buying Arsenal and just continuing with business as usual. It’s about buying Arsenal and turning it around. I’ve run a very successful business and I think I can also run a very successful team. Right now, with what we’re facing, over $20 billion of projects, I cannot do both.”
If successful in his bid to acquire the top team, Dangote will become the first African owner of a Premier League club.
Dangote who made his fortune in cement, sugar and flour has reportedly taken a major financial hit this year with Bloomberg reporting that he lost £4.1bn this year due to the depreciation of Nigeria’s currency and a drop in commodities prices.
The Gunners’ majority shareholder, Stan Kroenke, is currently worth £5.6bn, while Alisher Usmanov, who owns 30.05 per cent, is worth £10.2bn.