Report has it that David Adeleke, better known as Davido did not buy the private jet he claimed to have bought.
The Davido Music Worldwide, DMW, boss had last week created an uproar on social media after h e announced the purchase of the jet, eight days after acquiring a Porsche as a birthday gift for his girlfriend, Chioma.
According to the report by 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.