Dangote's Arsenal bid appears on hold as he seeks majority stake in French side Valenciennes

AFRICA'S richest man and lifelong Arsenal fan Alhaji Aliko Dangote is close to sealing a deal to purchase French Ligue Two side Valenciennes for an estimated sum of €10m in what would be his first foray into the European football market.

Dangote, 66, the 86th richest man in the world, is expected to by a 66% stake in Valenciennes, the French side which was established in 1913. At the moment, the side is going through tough times as it is sitting in 15th place in Ligue Two and Dangote will be hoping to at least prevent them from getting relegated.

French media outlet Entreprendre, believes that an acquisition might just propel the club to the next level by signing the best legs and revitalising the team as a whole. Alhaji Dangote tried to buy a controlling share in Arsenal in 2010, but his bid was unsuccessful as the current owners of the north London side are unwilling to sell their stake in the club.

Back in 2015, Kunle Soname purchased Portuguese second division team Clube Desportivo Feirense, becoming the first Nigerian to own a major European football club. Dozy Mmobuosi, another billionaire from Nigeria in the technology sector, is on the verge of acquiring English Football League team Sheffield United for £90m.

Last month, Shola Akinlade acquired a 55% stake in Danish second-division club Aarhus Fremad through his American company Decimal Sport. Mr Akinlade said that his goal was to provide possibilities for African talents and this would apply to Nigerian business tycoons too given the amount of potential in Africa.