The Emir of Kano, Muhammadu Sanusi II, has advised prospective investors against selling their homes or using essential funds such as children’s school fees to purchase shares in Dangote Refinery.
Sanusi gave the warning on Thursday while speaking at the Dangote Refinery Initial Public Offering (IPO) investor roadshow in Kano. He encouraged residents interested in the offer to invest only money they could afford to set aside for an extended period.
“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,” Sanusi said.
The former Central Bank of Nigeria governor suggested that prospective investors could consider manageable amounts such as N10,000, N20,000 or N30,000, depending on their financial capacity. He also advised investors to adopt a long-term approach rather than purchasing shares with expectations of making quick profits.
Sanusi said he wanted Kano residents to participate in the capital market and become shareholders in the refinery, which was founded by Kano-born businessman Aliko Dangote.
“I do not want us to be left behind in the capital markets. I do not want us to be left behind in financial inclusion,” he said.
The Emir’s comments come as the Dangote Refinery IPO attracts attention from prospective investors across Nigeria. The public offering opened on September 14 as part of efforts to broaden ownership of the major industrial facility.
Sanusi also stressed that investors should not expect immediate profits, urging them instead to leave their investments for some time and monitor their growth. He noted that ownership of the refinery belongs to shareholders regardless of where the facility is physically located.
The development is significant amid growing interest in Nigeria’s capital market and the Dangote Refinery IPO. Sanusi’s remarks highlight the importance of responsible investing and ensuring that investment decisions do not jeopardise essential household needs.
The Dangote Refinery, located in Lagos, is one of Africa’s largest petroleum refining projects. Its IPO has provided an opportunity for members of the public to acquire an ownership stake through the Nigerian capital market.
