The Emir of Kano, Muhammadu Sanusi II, has cautioned prospective investors against selling their homes or using their children’s school fees to buy shares in the Dangote Refinery.
Sanusi issued the advice on Thursday during the Dangote Refinery Initial Public Offering (IPO) investor roadshow in Kano.
He encouraged residents and other interested people to invest only money they can afford to set aside for a period, suggesting modest amounts such as ₦10,000, ₦20,000 or ₦30,000.
“Do not take your children’s school fees and put in shares. Do not sell the house that you live in and put in shares,” he said.
“But what you can afford… set it aside. And if you look at the fundamentals of the economy, over time you can be assured that this investment will grow, and you will not regret it.”
The Emir called on Kano people to participate in the capital market and become shareholders in the refinery founded by Kano-born businessman Aliko Dangote.
He said he did not want the community left behind in financial inclusion and capital market opportunities.Sanusi stressed a long-term approach rather than buying shares in the hope of quick profits.
He advised investors to put money in, leave it for some time, and allow it to grow. In five years, he said, even a small investment of ₦10,000 or ₦100,000 could yield a pleasant surprise.
He also noted that the location of the refinery should not deter investors from Kano, pointing out that ownership belongs to the shareholders, not the physical site of the facility.
“It doesn’t matter where the refinery is located. It could be located in Lagos, or Ibadan, or on the moon. It is the shareholders who own it… who take the return… who own the profit,” he said.
Describing Dangote as a son of Kano, Sanusi urged residents to seize the IPO opportunity. He remarked that while other places might claim Dangote, his roots remain in Kano, calling the moment a form of grand homecoming.
The Emir highlighted the refinery’s production of refined petroleum products and fertiliser, its job creation, and its secured access to gas, ports and markets as reasons for confidence in the investment.
The Dangote Refinery IPO opened on September 14 as part of efforts to broaden public ownership of the facility.
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