Now this jet can in no way belong to Davido because he doesn’t make enough money to acquire and maintain a private jet. Psquare once misled Nigerians to believing that they have a private jet only to later admit they didn’t . David Adeleke a.k.a Davido is doing just the same.
First of all he doesn’t make as much money as a John Mikel Obi makes yet Mikel doesn’t have a private jet because buying a private jet is not the only expensive aspect, you need to spend good money annually to maintain and manage the iron bird. Unless the jet belongs to Davido’s father but Davido can’t afford to have one. In fact there is no Nigerian Musician whose income is from just music can afford a private jet. This is why: After setting your account back to acquire a private jet, you start worrying about maintenance and management.
Insurance – this can set you back up to $400,000 per year. Management Charges – this can cost between $125,000 and $250,000. They may be able to charter out the plane when not in use which will recoup some costs back.Training and Maintenance – this will add another $400,000 annually.Fuel Costs – Depends where you fly, but will cost at least $1,500 per hour. 400 hours would be $600,000.Catering – Add $10,000 for food and beverages (again there are no limits)Other Costs – Landing Fees, Airport taxes, Hangar rent, Weather Forecasting. It is expensive to maintain a private jet, you will pay for hanger, pilot and crew, Insurance etc , obviously the expenses varies wildly, depending on the aircraft being used but roughly Pilots and Crew will cost around $500,000 per year.So operational costs would come to around $3 million per year and more for larger aircraft. Davido definitely can’t spend almost N400 million annually on private jet alone!
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