Dangote urges wealthy Nigerians to invest in industries, not luxury cars, private jets

Africa’s richest man, Aliko Dangote, has called on wealthy Nigerians to redirect funds currently spent on luxury cars and private jets into industrial investments that can generate jobs and foster sustainable economic growth.

In a widely shared interview, the Dangote Group chairman warned that the country’s elite have increasingly prioritized lavish spending over productive ventures. “If you have money to buy a Rolls-Royce, you should take that money and put up an industry in your locality or anywhere there is need,” Dangote said.

He expressed concern over the number of private jets parked at local airports, arguing that the resources tied up in such assets could instead create employment opportunities.

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Dangote highlighted Nigeria’s growing population, with an estimated 7.8 million births annually, stressing that both government and private sector actors must invest in infrastructure, power, and productive businesses.

Acknowledging the country’s high taxes, he maintained that businesses must still meet their obligations. “For a company like ours, the tax we pay is too much, but we don’t mind… What we are asking for is an enabling environment, but we too must do our civic duties,” he said.

He also urged Nigerians to prioritize domestic investment over foreign capital, noting that attracting investment depends on good policy and rule of law. “We should stop calling for foreign investors because there’s no foreign investor anywhere. What attracts investment is good policy and rule of law,” Dangote added.

Dangote urges wealthy Nigerians to invest in industries, not luxury cars, private jets

Imo Economic Summit: Aliko Dangote Vows to Become State’s Largest Investor

OWERRI — Africa’s richest man, Aliko Dangote, has assured Imo State Governor Hope Uzodimma that the Dangote Group is prepared to become one of the biggest investors in Imo State, reaffirming the conglomerate’s commitment to expanding its footprint in Nigeria.

Speaking on Thursday during the opening session of the Imo Economic Summit 2025, Dangote called on the state government to specify key sectors requiring investment, promising immediate action once directives are given.

Dangote, who described Governor Uzodimma as a long-time friend, commended him for fostering an enabling environment for business and economic growth in the state.

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“We will be one of your biggest investors in Imo. So please tell me the area to invest and we will invest,” he said.

The African industrialist also encouraged Nigerian entrepreneurs to focus on developing their home regions, stressing that sustainable economic growth cannot depend on foreign capital alone.

“What attracts foreign investors is a domestic investor. Africa has about 30 percent of the world’s minerals. We are blessed,” he noted.

Dangote further highlighted progress at the Dangote Refinery, announcing that the facility is on track to achieve a 1.4 million barrels-per-day production capacity, making it the largest single-train refinery in the world.

The assurance marks a significant boost for Imo State’s investment outlook as the government continues efforts to strengthen its economy and attract large-scale private sector participation.

Imo Economic Summit: Aliko Dangote Vows to Become State’s Largest Investor

Court of Appeal Affirms Ruling Barring VIO from Seizing Vehicles or Fining Motorists

The Court of Appeal, Abuja, on Thursday, upheld a previous Federal High Court judgment prohibiting the Vehicle Inspection Officers (VIO) and the Directorate of Road Traffic Services (DRTS) from confiscating vehicles or imposing fines on motorists without lawful authority.

A three-member panel of appellate justices, led by Justice Oyejoju Oyewumi, dismissed the appeal filed by the VIO, describing it as lacking merit and affirming the October 16, 2024 ruling of the high court.

The original suit, marked FHC/ABJ/CS/1695/2023, was filed by public interest lawyer Abubakar Marshal, who alleged that he was unlawfully stopped and had his vehicle confiscated by VIO officials at Jabi District, Abuja, on December 12, 2023. He contended that the action was a violation of his fundamental rights.

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Justice Nkeonye Maha of the Federal High Court had declared that no law empowers the VIO to stop, seize, impound, or fine motorists, and granted a perpetual injunction restraining the agency and its agents from further violating citizens’ freedom of movement, presumption of innocence, and right to own property.

The court held that only a court of competent jurisdiction can impose fines or sanctions on motorists. It further ruled that the actions of the Respondents violated Section 42 of the 1999 Constitution and relevant articles of the African Charter on Human and Peoples’ Rights.

Although the applicant had sought N500 million in damages and a public apology, the court awarded him N2.5 million. Respondents included the Director of the Directorate of Road Traffic Services, the Abuja Area Commander, the team leader, and the Minister of the Federal Capital Territory.

The appellate court’s decision confirms that the VIO and DRTS cannot legally harass motorists, reinforcing citizens’ constitutional rights on the road.

Court of Appeal Affirms Ruling Barring VIO from Seizing Vehicles or Fining Motorists