The Emir of Kano, Muhammadu Sanusi II, has advised prospective investors in the Dangote Refinery Initial Public Offering (IPO) not to commit money needed for essential expenses or sell their homes to buy shares.
Sanusi gave the advice on Thursday at the Dangote Refinery IPO investor roadshow in Kano, where he encouraged residents to participate in the capital market through investments they could afford to leave untouched for an extended period.
He urged prospective investors to consider modest amounts such as N10,000, N20,000 or N30,000, depending on their financial circumstances.
“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,” the Emir said.
He advised investors to commit only funds they could afford to set aside, adding that those who adopted a long-term approach could potentially benefit from the growth of their investment.
Sanusi was speaking as part of the ongoing investor outreach for the Dangote Refinery IPO, which opened on September 14.
The Emir encouraged Kano residents to become shareholders in the refinery, founded by Kano-born businessman Aliko Dangote, saying greater participation in the capital market could promote financial inclusion.
“I speak as the Emir of Kano, I would like my people to be owners of this company,” he said.
“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 also called on representatives of unions and other groups to educate their members about the investment opportunity.
Sanusi cautioned investors against seeking quick returns, urging them instead to adopt a long-term investment strategy.
He said investors should not buy shares expecting to sell them immediately for a large profit, but should allow their investments to remain in place and potentially appreciate over time.
The Emir also said the refinery’s location in Lagos should not discourage Kano residents from investing, noting that ownership of a company is determined by its shareholders rather than the location of its physical assets.
“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,” he said.
Sanusi described Dangote as a son of Kano and encouraged residents to take an interest in the IPO.
He said the refinery represents an opportunity for people from the state to have a stake in a major Nigerian industrial enterprise.
The Emir also highlighted the refinery’s operations, including the production of refined petroleum products and fertiliser, as well as its role in creating direct and indirect employment.
He noted that the company had established access to gas supplies, port facilities and markets, while urging prospective investors to consider the company’s operations and long-term prospects before making investment decisions.
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