The Emir of Kano, Muhammadu Sanusi II, has cautioned Nigerians against selling their homes or using essential family funds to invest in Dangote Refinery.shares.
Sanusi, who gave the warning in Kano while speaking at the Dangote Refinery Initial Public Offering (IPO) investor roadshow, on Thursday, advised prospective investors to commit only money they could afford to leave untouched for a considerable period.
He specifically warned against using children’s school fees or proceeds from the sale of family homes to buy shares, stressing that investment should not come at the expense of basic needs.
“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 encouraged Nigerians to start with modest amounts they could comfortably set aside rather than investing beyond their means.
The Emir cited N10,000, N20,000 and N30,000 as examples of amounts people could invest without putting pressure on their finances.
Sanusi also advised investors to adopt a long-term approach instead of buying shares with the expectation of making quick profits.
He said investors should not put money into the company today with the intention of doubling it immediately.
“I’m not talking about someone who will buy N5,000 shares and want to sell tomorrow and believe he will get N10,000,” he said.
He urged Kano residents to consider becoming shareholders of the refinery, saying, and advised them not to miss out on participation in the capital market.
“I speak as the Emir of Kano, I would like my people to be owners of this company,” he said.
He also called on union leaders and representatives of different groups to educate their members about the investment opportunity and encourage responsible participation.
The Dangote Refinery IPO opened on September 14, with investor outreach activities continuing across the country.
Sanusi said the physical location of the refinery should not discourage Nigerians outside Lagos from investing in the company.
He explained that ownership rests with shareholders regardless of where a company operates.
“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,” he said.
According to him, shareholders are entitled to returns from the company based on their ownership interests.
The Emir also described Aliko Dangote as a son of Kano and urged residents to use the IPO to take a stake in the company.
“We have heard Lagos claim Aliko. I know very soon even Egypt will claim him, America will claim him. But we all know where he comes from,” he said.
Sanusi further highlighted the scale of the refinery’s operations, pointing to its production of refined petroleum products and fertiliser.
He said the company was also creating direct and indirect employment opportunities while benefiting from access to gas supplies, ports and markets.
The Emir said these factors provided prospective investors with an opportunity to understand the business and consider its potential over the long term.
He, however, maintained that participation in the capital market should be guided by financial capacity and patience.
Sanusi’s message was therefore that Nigerians should participate in the investment opportunity without putting their homes, children’s education or other essential needs at risk.
