The Emir of Kano, Muhammadu Sanusi II, has advised Nigerians interested in buying shares in Dangote Refinery against using money meant for essential needs such as children’s school fees or their homes.
Sanusi gave the advice on Thursday during the Dangote Refinery Initial Public Offering (IPO) investor roadshow in Kano.
The former Central Bank of Nigeria governor urged prospective investors to commit only funds they could afford to set aside for the long term, rather than risking money needed for their daily needs.
He suggested that investors could start with affordable amounts such as ₦10,000, ₦20,000 or ₦30,000 and allow their investments to grow over time.
“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 Kano residents to take advantage of the opportunity to participate in the capital market and become shareholders in Dangote Refinery.
“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.
Sanusi also cautioned investors against buying shares solely for quick profits, stressing the importance of a long-term investment strategy.
He said investors should put aside money they could do without for some time and avoid expecting immediate returns.
According to him, an investment of ₦10,000 or ₦100,000 could become significantly more valuable over several years if allowed to grow.
The Emir further explained that the refinery’s location should not discourage people from investing, noting that shareholders would own a stake in the company regardless of where its facilities are situated.
“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 take the return. It is the shareholders who own the profit,” he added.
Sanusi also commended Dangote Group President, Aliko Dangote, and encouraged Kano residents to consider taking a stake in the refinery through the public offering before it closes.
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