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Emir of Kano, Muhammadu Sanusi II, has urged Nigerians to act responsibly when considering investments in initial public offerings.
Sanusi specifically warned prospective investors against selling their homes or using their children’s school fees to buy shares.
He gave the advice on Thursday at the Dangote Petroleum Refinery and Petrochemicals FZE IPO roadshow in Kano State.
The event was attended by investors, stockbrokers, bank representatives, captains of industry, traditional rulers and prospective shareholders.
“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,” Sanusi said.
“What you can afford to set aside for some time, set it aside, and if you look at the fundamentals of the economy over time, you can be assured that this investment will grow.”
The former Governor of the Central Bank of Nigeria urged Kano residents to participate in the capital market, saying he wanted them to become shareholders in the Dangote Refinery.
“And you will not regret it. And to be honest, people are buying from all over the country. I speak as Emir of Kano. I would like my people to be owners of this. I do not want us to be left behind in the capital markets.”
Sanusi, however, cautioned investors against buying shares with the intention of making quick profits.
“And I’m not talking about someone who will buy 5,000 shares and wants to sell tomorrow and believes you 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, the ₦10,000 you invest today, what it will be.
“The ₦100,000 you invest will be. So I would urge all of us to try to begin the process of owning, and if you’re going to own, you might as well own in a company that has the right economic fundamentals, a company that is producing; you can see the assets on the ground.”
The Emir said Kano had a long tradition of entrepreneurship and risk-taking, which he said had contributed to the emergence of prominent businesspeople from the state.
He also praised Dangote for his contribution to Nigeria’s economy, particularly the development of the refinery.
Sanusi recalled his experience as CBN governor, saying one of the major challenges he faced was Nigeria’s dependence on imports of refined petroleum products despite exporting crude oil.
“And therefore, beyond business, beyond profits, we have to thank Aliko for what is in the Nigerian economy. As governor of the Central Bank, one of my biggest and saddest problems was seeing how every day, we would spend so much effort to earn foreign exchange from all sectors exporting crude oil, under-spend the same foreign exchange importing petroleum products.”
“Instead of using the foreign exchange to develop agriculture, to develop infrastructure, to develop education, we would export crude oil and then turn around and import refined petroleum products and actually pay subsidy to keep refineries open in Europe, refineries open in Asia because we bought the petroleum products at markets.”
He said the Dangote Refinery had disrupted that model by increasing domestic refining capacity.
“We don’t need someone to refine, take our crude to England and France, refine it and sell it back to us as a profit. We don’t. We should find it here and buy, and also sell to others,” the Emir said.
“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.”
Details of Dangote IPO
The Dangote Refinery IPO opened on September 14, 2026.
The offer comprises 4.1 billion new ordinary shares at ₦525 per share, with a minimum subscription of 10 shares valued at ₦5,250.
The offer is scheduled to remain open until October 13, 2026, subject to the terms in the prospectus.
The transaction targets retail, institutional and eligible African investors.
It is also intended to broaden ownership of the refinery and deepen participation in Nigeria’s capital market.
At the gong-sounding ceremony for the IPO on the Nigerian Exchange trading floor on Monday, Dangote Group President Aliko Dangote said he expected the refinery to become the most viable company in Africa by the end of December 2026.
