The Emir of Kano, His Royal Highness Khalifa Muhammadu Sanusi II, has urged individuals, entrepreneurs and businesses in Kano State to consider investing in the Dangote Petroleum Refinery and Petrochemicals Limited Initial Public Offering (IPO), describing equity ownership as an opportunity for long-term wealth creation and economic empowerment
Daily Trust reports that the Dangote opened its much-anticipated initial public offering (IPO) on Monday, giving retail investors an opportunity to buy shares in one of Africa’s biggest industrial projects
The IPO which will last till October 13, 2026, is offering 41 billion shares at N525 each, with investors able to subscribe for a minimum of 10 shares, worth N5,250.
Sanusi while speaking at the Dangote Refinery “People’s IPO” sensitisation roadshow in Kano, said the state’s longstanding tradition of commerce, enterprise and investment positioned its people to benefit from participation in the capital market
The Emir said he had followed the development of the Dangote Group from its early years and described the refinery as the realisation of a longstanding vision to produce locally the products required by Nigeria’s large population
Reflecting on his career as a Credit Risk Management Officer at United Bank for Africa (UBA) in the late 1990s, Sanusi recalled his interactions with Aliko Dangote when the company was moving from trading and importation into large-scale manufacturing
He said what appeared to some at the time to be an unusual strategy of using short-term financing to support long-term industrial investments reflected Dangote’s determination to build productive capacity and reduce Nigeria’s dependence on imports
According to him, the underlying economic philosophy was straightforward: Nigeria should produce locally the goods its citizens consume rather than rely heavily on imports
“Somebody needs to produce the petrol for your cars, somebody needs to produce the cement for your houses, somebody needs to produce the food that you eat We are importing these things from Asia, Europe and America. Our strategy is to produce those things here,” he recalled.
Sanusi described the Dangote Refinery as a major industrial project with the potential to alter Nigeria’s economic structure, particularly its dependence on imported petroleum products despite the country’s position as one of Africa’s major crude oil producers
Drawing on his experience as a former Governor of the Central Bank of Nigeria, the Emir said petroleum product imports had historically placed considerable pressure on Nigeria’s foreign exchange resources
He explained that the country had often earned foreign exchange through crude oil exports while spending part of the proceeds to import refined petroleum products
“What Aliko has done is disrupt that model,” Sanusi said, arguing that increased domestic refining could reduce dependence on imports and create opportunities for Nigeria to become an exporter of refined petroleum products
He also pointed to the refinery’s emerging role in international energy markets, citing reports that European airlines had sourced aviation fuel from the facility during disruptions associated with the Strait of Hormuz crisis
The development, he said, illustrated the refinery’s potential to serve not only the Nigerian market but also customers in other parts of the world
On concerns about market dominance, the Emir said the appropriate response should be to encourage more investment in productive industries rather than focus solely on criticism
“There is no monopoly if a monopoly is not protected by law Anybody who wants to build a refinery, anybody who wants to raise $22 billion, invest and go through what Aliko went through is welcome to do so,” he stated.
Sanusi also encouraged Nigerians to direct more of their investments towards productive enterprises capable of creating jobs, generating value and supporting economic growth
He contrasted such investments with excessive reliance on speculative activities and the movement of capital into overseas assets, saying domestic investment could contribute more directly to economic development
The Emir described the IPO as an opportunity for Nigerians to become shareholders in one of the country’s most prominent industrial projects
“It is the shareholders who own it It is the shareholders who take the returns. It is the shareholders who own the profits,” he said.
He, however, advised prospective investors to approach the opportunity responsibly and with a long-term outlook He cautioned individuals against investing money needed for essential household expenses or other immediate financial obligations.
Sanusi urged Kano residents to take advantage of the opportunity within their financial means, stressing the importance of building a culture of investment and ownership among citizens
He said greater participation by Nigerians in productive enterprises could help broaden wealth creation and strengthen domestic capital formation
The monarch’s appeal came as the Dangote Refinery’s “People’s IPO” campaign seeks to increase public awareness of the planned share offering and encourage Nigerians across different sectors to participate
Sanusi said Kano, with its deep-rooted commercial culture and history of entrepreneurship, should not be left behind in the emerging investment opportunity
He urged residents to carefully assess the offering, understand its risks and potential returns, and make investment decisions based on their individual financial circumstances and long-term objectives