It seems Davido may not have been completely honest about buying a new jet as it has been reported that he is not the sole owner of the private jet.
The owner of Davido Music Worldwide (DMW) had last week announced the purchase, eight days after he had acquired a Porsche as a birthday gift for his girlfriend, Chioma.
“Air OBO soon land. This one nah final. Bought already… It’s not soup it’s hard work and ambition,” the ‘Ada’ singer had said on social media.
According to the TheCapital, Davido’s stake in the private jet is actually a “fractional ownership”.
The report says Davido’s financial commitment in the arrangement is minimal while the major financiers have chosen to remain behind the scenes to give the singer “conceded prominence”.
The move is said to be part of a business strategy to increase Davido’s profitability in the entertainment industry.
The arrangement, the report says, is ultimately aimed at attracting lucrative deals from multinational businesses, countries and other foreign entities.
The major stakeholders in the arrangement are said to have agreed on a sharing percentage of the prospective deals.
According to the report, several wealthy Nigerians are on a membership plan where they pay “the approximate cost of a first-class airfare” to have a private jet at their disposal.