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Emir of Kano, Muhammadu Sanusi II, has warned Nigerians interested in the Dangote Refinery shares against putting money meant for important family needs into the investment.
Sanusi specifically advised prospective investors not to sell the houses they live in or use their children’s school fees to buy shares.
He gave the warning on Thursday while speaking at the Dangote Petroleum Refinery and Petrochemicals FZE IPO roadshow in Kano State, Naija News reports.
The event was attended by investors, stockbrokers, bank representatives, captains of industries, traditional rulers and potential shareholders.
“Do not take your children’s school fees and put them in 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,” the monarch 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.
“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.”
The former Central Bank of Nigeria (CBN) governor also urged Kano residents to support Aliko Dangote, whom he described as their son.
Sanusi, however, said the investment should not be treated as a quick way to make money.
“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.”
Sanusi also spoke about the economic importance of the Dangote Refinery, saying the project could help reduce Nigeria’s dependence on imported petroleum products.
He recalled his time as CBN governor, saying Nigeria used to spend huge amounts of foreign exchange on importing refined petroleum products after exporting crude oil.
“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,” the Emir noted.
He said Dangote’s investment had disrupted that model by bringing large-scale refining capacity to Nigeria.
“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,” he 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.”
The IPO opened on September 14, 2026, with 4.1 billion new ordinary shares offered at ₦525 per share.
The minimum subscription is 10 shares, valued at ₦5,250, while the offer is expected to close on October 13, 2026, subject to the terms contained in the prospectus.
The offer is targeted at retail, institutional and eligible African investors.
Naija News recalls that at the gong-sounding ceremony for the IPO on the trading floor of the Nigerian Exchange (NGX) on Monday, President of the Dangote Group, Aliko Dangote, said the refinery would be the most viable company in Africa by the end of December 2026.
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