The Emir of Kano, Muhammadu Sanusi II, has cautioned prospective investors against using essential personal funds, including children’s school fees and money meant for their primary residences, to purchase shares in the Dangote Refinery.
Sanusi gave the advice on Thursday during the Dangote Refinery Initial Public Offering (IPO) investor roadshow in Kano, where he encouraged residents to consider long-term investment using only funds they could afford to set aside.
The former Central Bank of Nigeria governor urged prospective investors to start with modest amounts such as ₦10,000, ₦20,000 or ₦30,000, rather than committing money needed for essential expenses or seeking quick returns through short-term speculation.
“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,” Sanusi said.
He added that investors should consider putting aside whatever amount they could comfortably afford and allow the investment to grow over time.
“But what you can afford, 10,000, 20,000, 30,000 – 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, and you will not regret it,” he said.
Sanusi said he wanted Kano residents to become shareholders in the refinery and participate actively in Nigeria’s capital market and financial inclusion drive.
“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 Emir also advised investors to adopt a long-term approach rather than buying shares with the expectation of making quick profits.
“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.
Sanusi illustrated the potential of long-term investing by urging residents to consider how modest investments could grow over several years.
“Forget about it for some time. You’ll be surprised in five years the 10,000 Naira you invest today, what it will be. The 100,000 Naira you invest, what it will be,” he added.
The Emir further stressed that the refinery’s location should not discourage potential investors, noting that ownership and returns are tied to shareholders rather than the physical location of the facility.
“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 own it. It’s the shareholders who take the return. It is the shareholders who own the profit,” Sanusi said.
He also commended Kano-born businessman and Dangote Group President, Aliko Dangote, while encouraging residents to consider taking a stake in the refinery before the public offering closes.
