The Emir of Kano, Muhammadu Sanusi II, has strongly cautioned prospective investors against selling their homes or diverting their children’s school fees to purchase shares in the ongoing Dangote Petroleum Refinery and Petrochemicals Initial Public Offering (IPO).
Speaking on Thursday at the Dangote Refinery IPO investor roadshow in Kano, the Emir urged residents of Kano and other interested Nigerians to invest only funds they can comfortably set aside for the medium to long term.
“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. “But what you can afford – ₦10,000, ₦20,000, ₦30,000 – what you can afford to set aside for some time, set it aside. And if you look at the fundamentals of the economy, over time you can be assured that this investment will grow, and you will not regret it.”
He emphasised a patient, long-term approach to investing. “I’m talking about you having 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 about the ₦10,000 you invest today, what it will be. The ₦100,000 you invest, what it will be,” the Emir added.
Sanusi, a former Governor of the Central Bank of Nigeria, described the public offer as a significant opportunity for ordinary Nigerians, particularly those in Kano – the hometown of Dangote Group President Aliko Dangote – to participate in the ownership of one of Africa’s largest industrial projects. He encouraged responsible participation that does not compromise family welfare or essential needs.
The Dangote Refinery IPO opened on September 14, 2026, and is scheduled to close on October 13, 2026. Shares are being offered at ₦525 each, with a minimum subscription of 10 shares (₦5,250). The offer aims to raise approximately ₦2.15 trillion and is expected to rank among the largest equity offerings in African history.