The Emir of Kano, Muhammadu Sanusi II, has urged Nigerians, particularly residents of Kano State, to participate in the Dangote Petroleum Refinery and Petrochemicals Limited’s Initial Public Offering (IPO), saying wider ownership could promote wealth creation and financial inclusion.
Sanusi spoke on Thursday at the refinery’s “People’s IPO” sensitization roadshow in Kano, where he described equity investment as an opportunity for Nigerians to become shareholders in one of the country’s largest industrial projects.
The former Central Bank of Nigeria governor also defended the refinery against concerns about market dominance, arguing that competition could be created by investing in new refineries.
“There is no monopoly if a monopoly is not protected by law. Anybody who wants to build a refinery, anybody who wants to raise $22bn, invest, and go through what Aliko went through is welcome to do so.”
Sanusi said the refinery could help reduce Nigeria’s reliance on imported petroleum products and ease pressure on foreign exchange reserves by increasing domestic refining capacity.
He also highlighted the potential benefits of Nigerians owning shares in major productive businesses, rather than concentrating investments in speculative assets or overseas markets.
“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.
The Emir, however, cautioned prospective investors against taking excessive financial risks to participate in the offer. He specifically advised Nigerians not to use school fees or sell their homes to buy shares, urging them to invest only money they could afford to set aside for the long term.
The Dangote Refinery IPO opened on September 14, with 4.1 billion shares offered at ₦525 each, targeting about ₦2.15 trillion ($1.6 billion). The offer has been described as Africa’s largest IPO and is intended to broaden retail participation in the Nigerian capital market.
The refinery, which has a processing capacity of about 650,000 barrels per day, is seeking funds to expand its operations. The IPO has already generated strong interest among retail investors, with some digital investment platforms reporting disruptions caused by heavy traffic.
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