Aliko Dangote – who is said to be worth £8.3billion – revealed his intentions to purchase the Premier League giants last year.
Dangote told Bloomberg: “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.”
Most of Dangote’s vast wealth is tied up in Lagos-based Dangote Cement Plc – whose stock is down 4.7 per cent on last year.
That means Dangote has lost £3.3billion this year due to the falling value of the Nigerian currency.
Dangote added: “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.”
Gunners fans have been on current majority shareholder Stan Kroenke’s case after another disappointing summer of spending.
Arsenal last won the Premier League title in 2004 and have only lifted two Fa Cups since.
Korenke hold 67 per cent of Arsenal Holdings Plc – the owner which trades on the ICAP Securities & Derivatives Exchange.
Fans protested at games at the end of last season to get a new owner and Arsene Wenger removed as manager.
