Emir of Kano, Muhammadu Sanusi II, has urged Nigerians interested in buying shares in the Dangote Petroleum Refinery to approach the investment with caution and avoid putting essential household resources at risk.
Sanusi gave the advice on Thursday, September 17, while speaking at the Dangote Refinery Initial Public Offering (IPO) investor roadshow in Kano.
The former Central Bank of Nigeria governor specifically cautioned prospective investors against using money set aside for their children’s school fees or selling the homes they live in to raise funds for the share purchase.
He encouraged people to invest only funds they could afford to set aside for a period of time, giving ₦10,000, ₦20,000 and ₦30,000 as examples of amounts people could consider based on their financial circumstances.
Sanusi also discouraged investors from entering the offer with expectations of making quick profits by buying shares and immediately selling them at a higher price.
Instead, he encouraged a longer-term approach, saying investors should be prepared to leave their money invested and allow the value of their holdings to potentially grow over time.
The Emir also encouraged Kano residents to participate in the capital market and become shareholders in the refinery, describing the investment opportunity as a means of broadening ownership and financial inclusion.
“I speak as 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,” he said, according to Channels Television.
Sanusi also praised Dangote and highlighted the refinery’s potential significance to Nigeria’s economy, particularly its role in reducing dependence on imported refined petroleum products.
He recalled that during his tenure as CBN governor, Nigeria spent foreign exchange exporting crude oil and then used foreign exchange to import petroleum products. He said the Dangote refinery represented a shift towards refining crude domestically and potentially earning foreign exchange from exports of refined products.
The Dangote Refinery IPO opened on September 14, 2026. The offer comprises 4.1 billion new ordinary shares priced at ₦525 per share, with the minimum subscription set at 10 shares, equivalent to ₦5,250. The offer is scheduled to close on October 13, subject to the terms contained in the prospectus.
Sanusi’s comments come as the public offer seeks to expand participation in the ownership of one of Nigeria’s largest industrial projects, while also drawing renewed attention to the importance of responsible investment decisions among retail investors.