The Emir of Kano, Muhammadu Sanusi II, has advised prospective investors in the Dangote Petroleum Refinery initial public offering (IPO) to commit only personal funds they can comfortably spare and warned against sacrificing essential household needs for shares.
Sanusi delivered the advice in Kano during the refinery’s IPO roadshow, attended by investors, stockbrokers, bankers, industrialists and prospective shareholders.
The former Central Bank of Nigeria governor cautioned Nigerians against selling their homes or diverting their children’s school fees into the offer.
“Do not take your children’s school fees and put your shares. Do not sell your house that you live in and put in shares, but what you can afford — 10,000, 20,000, 30,000,” he said.
He explained that investors should set aside amounts they could leave untouched rather than pursue immediate gains.
Sanusi cited ₦10,000 and ₦100,000 as examples of sums that could potentially appreciate over several years, while stressing the need to examine a company’s fundamentals and assets before committing funds.
The monarch also encouraged Kano residents to participate in the offer. He described Dangote Group President Aliko Dangote as a prominent entrepreneur from the state.
“I would like my people to be owners of this. I do not want us to be left behind in the capital markets,” Sanusi said.
He distinguished long-term investment from speculative trading, saying shareholders should not enter the market merely to buy shares and sell them quickly for a small gain.
Sanusi recalled his experience as CBN governor, when Nigeria exported crude oil, spent substantial foreign exchange importing refined petroleum products and paid subsidies that supported overseas refineries.
According to him, Dangote’s refinery could alter that pattern by processing crude domestically and creating an avenue for Nigeria to earn foreign exchange from refined petroleum exports.
“We have moved from a country using its foreign exchange to import petroleum products, to one that potentially will be earning foreign exchange from an exporter, not just of crude but also of refined products,” he said.
The Dangote Refinery IPO opened on September 14, offering 4.1 billion new ordinary shares at ₦525 each. The minimum subscription is 10 shares, priced at ₦5,250, while the offer is scheduled to close on October 13.
The offer targets retail and institutional investors, as well as eligible African investors, as the refinery seeks greater participation in its ownership.
At the IPO gong-sounding ceremony at the Nigerian Exchange earlier in the week, Dangote said the refinery would become the most viable company in Africa by December 2026.
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