The Emir of Kano, Muhammadu Sanusi II, has cautionef residents against selling their homes or using their children’s school fees to buy shares in Dangote Refinery.
Mr Sanusi gave the warning on Thursday while speaking at the Dangote Refinery Initial Public Offering, IPO, investor roadshow in Kano.
The monarch urged prospective investors to commit only funds they could afford to leave invested for some time.
He suggested that investors could start with amounts such as N10,000, N20,000 or N30,000, depending on their financial capacity.
“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,” he said.
The emir was speaking as part of the ongoing investor outreach for the Dangote Refinery IPO, which opened on September 14.
While encouraging Kano residents to participate in the capital market, Sanusi said he wanted them to become shareholders in the refinery founded by Kano-born businessman, Aliko Dangote.
“I speak as the Emir of Kano, I would like my people to be owners of this company.
“I do not want us to be left behind in the capital markets. I do not want us to be left behind in financial inclusion. So this is the time and this is the opportunity,” he said.
He also urged representatives of trade unions and other groups to educate their members about the opportunity to invest in the company.
The monarch advised prospective investors to adopt a long-term approach rather than buying shares in anticipation of quick profits.
“And I’m not talking about someone who will buy 5,000 shares and want to sell tomorrow and believe he will 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.
“Forget about it for some time. You’ll be surprised in five years what the N10,000 you invest today will be. The N100,000 you invest, what it will be,” Mr Sanusi said.
The Emir also said the location of the refinery should not discourage Kano residents from investing in the company.
According to him, ownership of a company is determined by its shareholders, not the location of its assets.
“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.
“It is the shareholders who own it. It’s the shareholders who take the return. It is the shareholders who own the profit,” he said.
Mr Sanusi described Mr Dangote as a son of Kano and urged residents to take advantage of the IPO to acquire 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.
He added: “I would like to say that this is his grand homecoming. We are happy to donate him.
“We are happy to share him, but please do not take him away from us.”
The monarch also highlighted the refinery’s operations, saying prospective shareholders could see its assets and activities, including the production of refined petroleum products and fertiliser.
