The Emir of Kano, Muhammadu Sanusi II, has cautioned Nigerians interested in the Dangote Refinery Initial Public Offering against putting essential family needs at risk in an attempt to acquire shares in the company.
Sanusi gave the advice on Thursday while speaking at the Dangote Refinery IPO investor roadshow in Kano, where he encouraged residents to participate in the capital market but stressed that investment should be approached with financial discipline.
The former Governor of the Central Bank of Nigeria specifically warned prospective investors against using their children’s school fees or selling the homes they live in to raise money for the share offer.
According to him, Nigerians who want to participate should consider only funds they can comfortably set aside for investment rather than committing money needed for immediate household responsibilities.
“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 at the event.
The Emir suggested that investors could start with relatively modest amounts such as ₦10,000, ₦20,000 or ₦30,000, depending on what they could genuinely afford to set aside.
His message was particularly directed at people who may be tempted by the excitement surrounding the public offer to commit more money than their financial circumstances allow.
Sanusi also encouraged prospective investors to think beyond short term gains. Rather than buying shares with the expectation of making quick profits, he urged people to consider a longer investment horizon and allow their investments time to potentially grow.
“I speak as the Emir of Kano; I would like my people to be owners of this company,” he said, adding that he did not want Kano residents to be left behind in the capital market and financial inclusion.
The comments came as interest in the Dangote Refinery IPO continues to attract significant attention from retail investors across Nigeria.
The public offer is designed to give ordinary Nigerians an opportunity to acquire an ownership stake in the Dangote Petroleum Refinery and Petrochemicals business. Reuters reported that the offering is seeking to raise as much as $2.1 billion, making it one of the largest share offerings in Africa. The refinery is also seeking capital to support its planned expansion.
The offer has generated considerable interest among small investors because the minimum entry level is relatively low compared with many traditional investment opportunities. Reuters reported that the offer allows investors to participate with as little as 10 shares, equivalent to about $4 based on the offer price.
That accessibility has also brought significant pressure on some digital investment platforms. According to Reuters, several fintech platforms experienced service disruptions after investor traffic surged when the offer opened, highlighting the level of interest generated by the public offering.
The strong retail interest has made the IPO an important moment for Nigeria’s capital market, particularly as authorities and financial institutions seek to encourage more Nigerians to move beyond traditional savings and participate in investments.
However, Sanusi’s warning underlines the difference between having access to an investment opportunity and being financially prepared to take part in it.
For families, money reserved for school fees, rent, housing, food, healthcare and other essential expenses serves an immediate purpose. Using such funds for an investment that may fluctuate in value could create financial pressure if the money is needed before the investment can be realised at a favourable price.
The former CBN governor therefore urged prospective investors to consider what they can genuinely afford to leave invested for an extended period.
Sanusi’s appeal also reflects his broader call for greater financial inclusion in northern Nigeria. By encouraging Kano residents to become shareholders, he said people in the region should take advantage of opportunities available through the formal capital market rather than remain observers of major businesses.
The Emir further argued that the geographical location of the refinery should not discourage prospective shareholders in Kano or other parts of northern Nigeria.
His point was that ownership of shares is separate from the physical location of a company’s assets. An investor in Kano can own shares in a company whose major industrial facility is located in Lagos.
The Dangote Refinery, located in the Lekki area of Lagos State, has become one of Nigeria’s most prominent industrial projects since beginning operations. The facility has a stated processing capacity of 700,000 barrels of crude oil per day, while its owners have outlined plans to expand capacity in the coming years.
The IPO has consequently attracted attention not only because of the size of the refinery but also because of the possibility of bringing millions of Nigerians into the shareholder base.
Financial experts and market regulators have continued to stress the importance of understanding the terms and risks attached to investments before committing money. The excitement surrounding a major public offer does not remove the possibility that share prices can rise or fall after listing.
For Nigerians considering the Dangote Refinery shares, Sanusi’s message in Kano was therefore straightforward: participation in the capital market should not come at the expense of basic family responsibilities.
His call for investment was accompanied by a warning against financial overreach, encouraging prospective shareholders to use only money they can afford to set aside and to approach the opportunity with a long term perspective.
As the Dangote Refinery IPO continues to attract investors across the country, the Kano roadshow has added another dimension to the conversation, with Sanusi urging residents to participate while reminding them that responsible investing begins with protecting essential financial needs.
