Emir of Kano, Muhammadu Sanusi II, has advised Nigerians interested in the Dangote Petroleum Refinery and Petrochemicals Limited initial public offering (IPO) to invest only money they can afford to set aside, warning against using essential funds or selling personal property to buy shares.
Sanusi gave the advice on Thursday during the refinery’s IPO sensitisation roadshow in Kano, where he encouraged individuals, entrepreneurs and businesses to participate in the capital market while stressing the need for responsible investment.
“Invest responsibly. Do not take your children’s school fees and put in shares. Do not sell your house that you live in and put in shares,” he said.
The former Central Bank of Nigeria governor advised prospective investors to consider amounts such as ₦10,000, ₦20,000 and ₦30,000, depending on what they could comfortably afford to set aside for some time.
He said investors who understood the fundamentals of the economy and adopted a long-term approach could potentially see their investments grow, while cautioning against putting essential household resources at risk.
Sanusi also described equity ownership as a means of promoting long-term wealth creation and economic participation, urging people across Kano State to take an interest in the refinery’s share offer.
‘THERE IS NO MONOPOLY IF IT’S NOT PROTECTED BY LAW’
Sanusi said he had followed the development of the Dangote Group from its early years and described the refinery as the outcome of a long-term industrial vision focused on producing locally what Nigerians consume.
Recalling his experience as a credit risk management officer at United Bank for Africa (UBA) in the late 1990s, he said he had interacted with Aliko Dangote during the period when the company was moving from trading and importation into large-scale manufacturing.
According to Sanusi, the approach demonstrated a determination to build domestic productive capacity and reduce Nigeria’s dependence on imported goods.
“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,” Sanusi said.
“We are importing these things from Asia, Europe and America. Our strategy is to produce those things here.”
He described the refinery as a major industrial project with the potential to affect Nigeria’s economic structure, particularly its dependence on imported petroleum products despite the country’s crude oil production.
Drawing on his experience at the CBN, Sanusi said petroleum imports had historically placed pressure on Nigeria’s foreign exchange reserves because the country earned foreign exchange from crude exports while also using foreign exchange to pay for refined petroleum products.
“What Aliko has done is disrupt that model,” he said.
Sanusi said increased domestic refining could reduce dependence on imported petroleum products and create opportunities for Nigeria to export refined products.
He also pointed to reports of European airlines purchasing aviation fuel from the refinery during disruptions associated with the Strait of Hormuz crisis, saying the development highlighted the facility’s ability to participate in international energy markets.
On concerns about market dominance, Sanusi said competition could be encouraged by allowing more investors to establish 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 said.
Sanusi further encouraged Nigerians to invest in productive businesses capable of creating employment and economic value rather than concentrating mainly on speculative activities or assets outside the country.
The Dangote Refinery IPO opened for subscription on September 14, 2026, with the official offer listing a share price of ₦525 and a minimum application of 10 shares, worth ₦5,250. The offer is scheduled to close on October 13, 2026. The official IPO platform also warns that investing in shares carries risk and that investors should read the prospectus before subscribing.
