Africa’s richest man, Aliko Dangote, has urged Nigeria’s wealthy citizens to invest more in productive businesses and factories rather than luxury assets such as private jets.
Dangote spoke on Monday as the Dangote Petroleum Refinery and Petrochemicals began its much-anticipated initial public offering (IPO).
Reflecting on his business journey, Dangote disclosed that he bought his first private jet at the age of 22.
He said, however, that his attitude towards private jets had changed, adding that he was now comfortable travelling commercially when necessary.
“I don’t mind, I can take commercial, I can take anything,” Dangote said.
He challenged wealthy Nigerians who spend huge sums on private aircraft to channel their resources into businesses that can create jobs and strengthen the economy.
“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 recalled an experience in Abuja when he spent about 30 minutes looking for a parking space.
The experience, he said, made him reflect on the number of private jets in the country.
“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, giving Nigerians and institutional investors an opportunity to acquire stakes in the multibillion-dollar project.
The company is offering 4.1 billion ordinary shares at ₦525 each, with the offer capable of raising about ₦2.15 trillion if fully subscribed.
The IPO opened on September 14, 2026, and is expected to close on October 13.
Located in Lekki, Lagos, the Dangote Refinery was built at an estimated cost of about $20 billion.
The refinery currently has a production capacity of 700,000 barrels of crude oil per day.
Dangote plans to use the new capital to support expansion, with the refinery’s capacity targeted to reach about 1.4 million barrels per day.
The public offer is also designed to broaden Nigerian ownership of the refinery by allowing individual and institutional investors to buy shares.
Dangote has previously said ordinary Nigerians, including workers in his business empire, should have an opportunity to own part of 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.
The IPO marks a significant development in the ownership structure of one of Africa’s largest privately developed industrial projects.
The refinery is also expected to play a major role in Nigeria’s energy sector and efforts to reduce dependence on imported petroleum products.
