Emir of Kano, Muhammadu Sanusi II, has urged Nigerians interested in the Dangote Refinery initial public offering to invest responsibly and avoid putting essential family needs at risk.
Sanusi gave the advice during the Dangote Petroleum Refinery and Petrochemicals FZE IPO roadshow in Kano, where investors, stockbrokers, bankers, business leaders, traditional rulers and prospective shareholders gathered.
According to Channels Television, the former Central Bank of Nigeria governor specifically cautioned Nigerians against using their children’s school fees or selling the homes they live in to purchase shares.
“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,” Sanusi said, encouraging prospective investors to commit only money they could afford to set aside.
He suggested that Nigerians could start with amounts such as ₦10,000, ₦20,000 or ₦30,000 and leave the investment for an extended period rather than seeking quick returns.
Sanusi also encouraged Kano residents to participate in the offer and become shareholders in the refinery, while cautioning against buying shares simply to sell them shortly afterwards for a profit.
He said the investment should be viewed from a long-term perspective, pointing to the company’s physical assets and production capacity.
The Emir also praised Dangote Group President Aliko Dangote for contributing to Nigeria’s industrial development, particularly through the establishment of the refinery.
Sanusi recalled that, during his time as CBN governor, Nigeria spent foreign exchange earning crude oil revenue while also using foreign exchange to import refined petroleum products.
He said the Dangote refinery had the potential to change that pattern by enabling Nigeria to refine crude domestically and potentially earn foreign exchange through refined petroleum product exports.
The Dangote Refinery 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.
The offer is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus. It is open to retail, institutional and eligible African investors.
At the IPO gong-sounding ceremony at the Nigerian Exchange, Dangote said he expected the refinery to become Africa’s most viable company by the end of December 2026.
