By Hadiza Mohammed, Northern Operation
The Emir of Kano, Muhammadu Sanusi II, has cautioned prospective investors against staking essential family resources, including children’s school fees and funds for their primary residence, on shares in the Dangote Refinery.
Sanusi gave the warning on Thursday at the Dangote Refinery initial public offering (IPO) investor roadshow in Kano, where he urged residents to participate in the capital market with money they could afford to set aside for the long term.
The former Central Bank of Nigeria governor advised potential investors to start with modest amounts, such as ₦10,000, ₦20,000 or ₦30,000, rather than commit funds needed for immediate household obligations or chase quick profits through short-term trading.
“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.
“But what you can afford—₦10,000, ₦20,000, ₦30,000—what you can afford to set aside for some time, set it aside.”
Sanusi said investors who approached the opportunity with a long-term outlook could potentially benefit from the growth of their investments over time.
He also encouraged Kano residents to embrace the capital market and become shareholders in the refinery, stressing the importance of broader financial inclusion and participation in major Nigerian businesses.
“I speak as the Emir of Kano; I would like my people to be owners of this company.
“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. So this is the time and this is the opportunity,” he said.
The monarch further discouraged investors from buying the shares solely to make quick gains, urging them instead to allow their investments to mature over several years.
“And I’m not talking about someone who will buy 5,000 shares and want to sell tomorrow and believe he will get 10,000. No, I’m talking about you have some money, put it in, leave it there for some time, and just watch your money grow,” he said.
“Forget about it for some time. You’ll be surprised in five years what the ₦10,000 you invest today will be. The ₦100,000 you invest, what it will be.”
Sanusi also stressed that the refinery’s location should not deter prospective shareholders, arguing that ownership of the company and entitlement to its returns rest with its shareholders.
“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.
“It is the shareholders who take the return. It is the shareholders who own the profit,” he said.
The Emir commended businessman and Dangote Group President, Aliko Dangote, who hails from Kano, and urged residents to take advantage of the IPO before the public offering closes.
His comments came as the Dangote Refinery seeks to broaden local ownership through the public offering, with investors being encouraged to take positions in the company as part of its capital-market expansion.
