The Emir of Kano, Muhammadu Sanusi II, has cautioned Nigerians against using their children's school fees or selling their homes to purchase shares in the Dangote Refinery Initial Public Offering (IPO). Speaking at the IPO investor roadshow in Kano on Thursday, the Emir advised residents to invest only money they can comfortably set aside, recommending modest amounts like ₦10,000, ₦20,000, or ₦30,000 rather than risking essential household funds.
Emir's Warning on School Fees and Home Sales
Sanusi's warning comes as the IPO, which opened on September 14, continues its outreach across Nigeria. The Emir specifically addressed prospective investors, urging them to avoid dipping into funds earmarked for education or shelter. He emphasized that investments should be made with disposable income, not money needed for daily living or future obligations.
"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. Buy what you can afford, 10,000, 20,000, 30,000, what you can afford to set aside for some time, set it aside," Sanusi said. He added that if investors look at the fundamentals of the economy, they can be assured the investment will grow over time, expressing confidence that they will not regret the decision.
Call for Kano Residents to Participate
Sanusi encouraged Kano residents specifically to take up shares in the refinery, describing its founder, Aliko Dangote, as a son of the state. He urged locals not to be left out of the opportunity, emphasizing the importance of financial inclusion and participation in capital markets.
"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 stated. The Emir also called on union representatives and community leaders to help educate their members about the investment opportunity, advising prospective investors to think long-term rather than chase quick returns.
Long-Term Investment Advice and Refinery Details
Sanusi clarified that his advice is not for those seeking immediate profits. "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," he explained. He encouraged investors to forget about the investment for a period, noting that in five years, the value of a ₦10,000 investment could be surprising.
Addressing concerns about the refinery's Lagos location, Sanusi said ownership is not tied to geography. "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, who take the return, who own the profit," he said. He also praised Dangote's Kano roots, joking that other regions and countries were beginning to claim him. "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. This is his grand homecoming. We are happy to share him, but please do not take him away from us," he added. Sanusi noted that the refinery was already creating jobs and had secured its gas supply, port access, and markets, producing both refined petroleum products and fertiliser.
