Africa’s richest man, Aliko Dangote, has disclosed that he purchased his first private jet at the age of 22, while urging wealthy Nigerians to channel more of their resources into productive investments rather than luxury assets.
Dangote made the remarks on Monday as the Dangote Petroleum Refinery and Petrochemicals commenced its highly anticipated initial public offering (IPO), giving Nigerians and other investors an opportunity to acquire shares in the multibillion-dollar project.
Reflecting on his journey as a businessman, Dangote said his perspective on private jets had changed over the years, noting that he is now comfortable travelling on commercial flights when necessary.
“In the beginning of my career as a businessman, I really had a great time,” Dangote said.
“I was telling somebody that right now, I don’t mind, I can take commercial, I can take anything. I had my first private jet at 22 years and a half.”
The billionaire industrialist encouraged wealthy individuals who spend significant sums on private aircraft to consider putting the money into businesses and other ventures capable of contributing to economic development.
“So, I try as much as possible to encourage people who are riding $1.9 billion aircraft, please go and put that into action,” he said.
“We are not going to create a great nation without doing something productive.”
Dangote also recounted an experience in Abuja when he reportedly spent about 30 minutes searching for a parking space. The experience, he said, made him reflect on the number of private jets in the country and the need for more productive investments.
“It took me 30 minutes to find a parking space in Abuja, I think it was Wednesday or Thursday. And I said, oh, I wish this place was full of factories, not private jets,” he said.
His comments came as the Dangote Refinery opened its public share offer, marking a significant step towards broadening ownership of the massive industrial facility.
The refinery is offering 4.1 billion ordinary shares at ₦525 per share, with the offer potentially raising approximately ₦2.15 trillion if fully subscribed. The offer opened on September 14, 2026, and is expected to close on October 13.
Located in the Lekki area of Lagos, the Dangote Refinery was constructed at an estimated cost of about $20 billion and currently has a production capacity of 700,000 barrels of crude oil per day.
The company plans to use the capital raised through the IPO to support its expansion plans, which include increasing the refinery’s capacity to approximately 1.4 million barrels per day.
The public offering is also expected to expand Nigerian participation in the ownership of the refinery by allowing individual and institutional investors to acquire stakes in the company.
Dangote had previously stated that the IPO was designed to give ordinary Nigerians, including workers within his business empire, an opportunity to own shares in the refinery.
“What we are trying to achieve is to make sure our drivers, cooks, servants, and everybody have the opportunity of having stakes in the refinery,” he said at the signing ceremony for the public offer.
The IPO marks a major development in the ownership structure of one of Africa’s largest privately developed industrial projects.
The refinery has also become a key part of Nigeria’s efforts to reduce its reliance on imported petroleum products and is expected to remain significant to the country’s energy and industrial sectors.
