Aliko Dangote, who has a estimated wealth of £11.5bn believes he will have the ‘resources’ to takeover the club once the building of an oil refinery in Nigeria is complete.
The Gunners are currently owned by American Stan Kroenke, who is the majority shareholder with 66.64% of the club’s parent company Arsenal Holdings plc.
Alisher Usmanov owns 29.11% with the rest of the 62,217 shares held by minority shareholders including former players and the Arsenal Supporters’ Trust, who own three.
According to Forbes, Dangote, is the 67th on the list of the world’s richest people.
The 58-year-old is said to have supported Arsenal since the 1980’s and attempted to buy a stake in April 2011.
He told BBC Hausa: “When we get this refinery on track, I will have enough time and enough resources to pay what they are asking for.
“There were a couple of us who were rushing to buy, and we thought with the prices then, the people who were interested in selling were trying to go for a kill.
“We backtracked, because we were very busy doing other things, especially our industrialisation.
“They (Arsenal) are doing well, but they need another strategic direction. They need more direction than the current situation, where they just develop players and sell them.”