The Emir of Kano, Muhammadu Sanusi II, has advised prospective investors in the Dangote Refinery Initial Public Offering (IPO) against committing money they may urgently need, including their children’s school fees or proceeds from selling their homes.
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 but stressed the need for responsible and long-term investment.
The Emir urged prospective investors to commit only funds they could afford to set aside for an extended period, suggesting that people could start with amounts such as N10,000, N20,000 or N30,000, depending on their financial capacity.
“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,” he said.
Sanusi added that investors should put aside only money they could afford to leave untouched for some time, saying the investment should be approached from a long-term perspective.
The Dangote Refinery IPO opened on September 14 as part of efforts to broaden participation in the company’s ownership through the Nigerian capital market.
The Emir called on Kano residents to take advantage of the offer and become shareholders in the refinery, founded by Kano-born businessman Aliko Dangote.
“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.
He also appealed to trade unions, associations and other organised groups to educate their members about the investment opportunity and the importance of participating in the capital market.
Sanusi cautioned investors against seeking quick returns from the shares, urging them instead to adopt a long-term investment strategy.
“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.
He said investors should be prepared to allow their investments to remain for several years rather than focusing on immediate gains.
The Emir also dismissed concerns that Kano residents could not claim ownership of the refinery because of its location outside the state, stressing 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,” Sanusi said.
“It is the shareholders who take the return. It is the shareholders who own the profit.”
Sanusi described Dangote as a son of Kano and urged residents to use the IPO as an opportunity to acquire a stake in the company.
“We have heard Lagos claim Aliko. I know very soon even Egypt will claim him, America will claim him. But we all know where he comes from,” he said.
He described the IPO roadshow in Kano as a “grand homecoming” for the businessman.
“We are happy to donate him. We are happy to share him, but please do not take him away from us,” the Emir added.
Sanusi also highlighted the refinery’s operations and business activities, noting that prospective shareholders would have the opportunity to participate in a company involved in refining petroleum products and producing fertiliser.
He further pointed to the refinery’s job creation and infrastructure, including its access to gas, port facilities and markets, as factors prospective investors could consider when assessing the company.
