Aliko Dangote, President of Dangote Industries Limited, has disclosed that he acquired his first private jet at the age of 22 and a half, while urging wealthy Nigerians to channel more of their resources into productive investments.
Dangote made the disclosure on Monday at the Nigerian Exchange, in Lagos during the formal launch of the Initial Public Offering, of Dangote Petroleum Refinery and Petrochemicals.
Reflecting on his business career, the billionaire industrialist said his experiences had been fulfilling but that his priorities had evolved, with greater emphasis now placed on investments capable of contributing to economic growth.
“My career as a businessman, I really had a great time. 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 and a half years old,” he said.
Dangote said his comments were intended to encourage wealthy Nigerians to reconsider how they deploy their resources, particularly when it comes to expensive luxury assets.
He specifically urged individuals who spend hundreds of millions of dollars on private aircraft to consider directing such capital towards industries and businesses that create jobs, expand production and strengthen the economy.
“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,” he said.
The remarks came as Dangote formally launched the public offer for the Dangote Petroleum Refinery and Petrochemicals, in what is described as Africa’s largest initial public offering.
The IPO involves 4.1 billion ordinary shares priced at ₦525 each and is expected to raise about ₦2.15 trillion if fully subscribed.
The offer opened on September 14 and is scheduled to close on October 13, 2026. The minimum subscription is 10 shares, costing ₦5,250.
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The refinery, located in the Lekki Free Zone in Lagos, began operations in 2024 and currently has a refining capacity of about 700,000 barrels per day.
Built at an estimated cost of $20 billion over more than a decade, it has become a major source of refined petroleum products for Nigeria and international markets.
Proceeds from the IPO are expected to support the refinery’s expansion plans, including increasing its capacity to about 1.4 million barrels per day over the coming years.
The expansion is aimed at strengthening its position in the global refining market and increasing the supply of refined petroleum products.
The public offer also represents a shift towards broader public participation in ownership of one of Nigeria’s largest industrial projects.
Eligible retail and institutional investors can participate in the offer, with the low minimum subscription designed to make the investment accessible to a wider pool of Nigerians.
Dangote has previously described the offering as a “people’s IPO”, saying it would give ordinary Nigerians an opportunity to acquire a stake in the refinery.
His latest comments therefore place the IPO within a broader argument for increased domestic investment in productive sectors, as Nigeria seeks to reduce dependence on imports, expand industrial capacity and create more employment opportunities.
For Dangote, whose business interests span cement, sugar, fertilizer, petrochemicals and oil refining, the refinery represents one of the most significant examples of private-sector investment in Nigeria’s industrial development.
The billionaire maintained that greater investment in production is essential if Nigeria is to realize its economic potential, stressing that wealth should increasingly be deployed towards activities that generate broader economic value.
VANGUARD
