The second richest man in Africa, who is worth many billions, has long wanted to own the club he supports.
He stated his ambition to buy the club back in 2020, when Stan Kroenke had a smaller stake in the club.
Now that Kroenke has taken over operations of Arsenal, Dangote knows he has missed his chance.
Speaking to Bloomberg, Dangote said: "I think that time has passed. The last time we had this interview I told you 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 and the clubs too are all doing very well, Arsenal is doing extremely well.
"At that time Arsenal were not doing well. I don't have that kind of excess liquidity to go and buy a club for $4B so to speak, I would rather do something else with the money."