Sanusi Tells Nigerians How To Build Wealth Through Dangote Refinery IPO

The Emir of Kano, Muhammadu Sanusi II, has advised individuals, entrepreneurs and businesses across Kano State to take advantage of the Dangote Petroleum Refinery and Petrochemicals Limited Initial Public Offering (IPO).

He stated that the equity ownership was a powerful vehicle for long-term wealth creation and economic empowerment.

Naija News reports that the monarch spoke at the Dangote Refinery “People’s IPO” sensitisation roadshow in Kano.

Sanusi said he had closely followed the evolution of the Dangote Group from its formative years and described the refinery as the culmination of a long-standing vision to produce in Nigeria the products needed to serve its vast population.

Reflecting on his early career as a Credit Risk Management Officer at United Bank for Africa (UBA) in the late 1990s, he recalled engaging with Aliko Dangote at a time when the company was transitioning from trading and importation into large-scale manufacturing.

According to the Emir, what many initially viewed as an unusual strategy of using short-term financing to pursue long-term industrial investment was, in reality, evidence of Dangote’s determination to build productive capacity and reduce Nigeria’s dependence on imports.

He explained that the industrial vision was based on a simple but compelling economic principle: producing locally the goods Nigerians consume daily rather than importing them from overseas.

“Somebody needs to produce the petrol for your cars, somebody needs to produce the cement for your houses, somebody needs to produce the food that you eat. We are importing these things from Asia, Europe and America. Our strategy is to produce those things here,” he recalled.

The Emir described the Dangote Refinery as a landmark project that could transform Nigeria’s economic structure, particularly its long-standing dependence on imported petroleum products despite being one of Africa’s leading crude oil producers.

Addressing concerns about market dominance, the Emir argued that the solution was not criticism but increased investment in productive industries.

“There is no monopoly if a monopoly is not protected by law. Anybody who wants to build a refinery, anybody who wants to raise $22 billion, invest and go through what Aliko went through is welcome to do so,” he stated.