Africa’s richest man, Aliko Dangote, has revealed that he bought his first private jet at the age of 22, while urging Nigeria’s wealthy elite to invest their money in productive ventures rather than luxury assets.
Dangote made the remarks on Monday as his Dangote Petroleum Refinery and Petrochemicals commenced its much-anticipated initial public offering (IPO), allowing Nigerians and other investors to acquire shares in the multibillion-dollar industrial project.
Speaking about his experience as a businessman, Dangote said his attitude towards private jets had changed, stressing that he was now comfortable travelling commercially 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.”
Ihad my first private jet at 22 and a half years old. I try as much as I can to encourage people who are riding $900 million aircraft to please go and put that into production. We are not going to be a great nation without doing something productive. It took me 30 minutes to… pic.twitter.com/dBT8n4gkU2
— Imran Muhammad (@Imranmuhdz) September 14, 2026
Dangote said he now encourages wealthy individuals who spend huge amounts on private aircraft to consider investing their resources in productive businesses.
“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.”
The billionaire industrialist recalled an experience in Abuja where he said he spent about 30 minutes trying to find a parking space, prompting him to reflect on the number of private jets in the country.
“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, in a major move to broaden ownership of the massive industrial project.
The refinery is offering 4.1 billion ordinary shares at ₦525 per share, potentially raising about ₦2.15 trillion if fully subscribed.
The offer, which opened on September 14, 2026, is expected to close on October 13.
The Dangote Refinery, located in the Lekki area of Lagos, was built at an estimated cost of about $20 billion and has a production capacity of 700,000 barrels of crude oil per day.
The company is seeking to raise capital through the IPO as it plans to expand the refinery’s capacity to about 1.4 million barrels per day.
The public offer is also expected to widen Nigerian ownership of the refinery by allowing individual and institutional investors to acquire stakes in the business.
Dangote has previously said the IPO was intended 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 represents a major development in the ownership structure of one of Africa’s largest privately developed industrial projects.
The refinery, which has become a major component of Nigeria’s efforts to reduce dependence on imported petroleum products, is expected to play a significant role in the country’s energy and industrial sectors.
