The Africa’s richest man had his approach rejected having explored the possibility of purchasing the club in 2010.
But the 59-year-old Nigerian business owner admits that while he wants to buy Arsenal as soon as possible, he must wait for the Nigerian currency to stabilize.
Speaking to Bloomberg, Dangote said: “Maybe three to four years. 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.”
Dangote Cement Plc’s stock is down 4.7 per cent on last year, meaning that Africa’s richest man has lost £3.3bn due to the falling price of Nigerian currency.
“It’s not about buying Arsenal and just continuing with business as usual,” he added.
“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.”
The discussion will come as welcome news to Arsenal supporters, who have been public in their criticism of current owner Stan Kroenke following a trophy-less season and a poor summer transfer window.
The Gunners last Premier League title came back in 2004 and having only won two FA Cups since, a large section of Arsenal’s support have grown disgruntled with both Kroenke and manager Arsene Wenger.
Dangote is a self confessed Arsenal supporter.
He was born into a family that is very prominent in big business.
He is the great grandson of Alhaji Alhassan Dantata who was the richest man in Africa at the time of his death in 1955.
Dangote was born on April 10 1957 into a wealthy Muslim family in Kano State.
Dangote founded and is chairman of Dangote Cement – Africa’s largest cement producer.
The company has plants in Cameroon, Ethiopia, Zambia, Tanzania and his native Nigeria.
Dangote Cement produces 30million metric tons annually of cement and plans to double that by 2018.
Dangote Group, which is active in 15 African countries, include publicly-traded salt, sugar and flour manufacturing companies.
Dangote is now said to be worth $10.5 billion in September 2016 according to Bloomberg.