Emir of Kano, Muhammadu Sanusi II, has advised Nigerians to exercise caution when participating in initial public offerings, warning against reckless financial decisions such as selling residential property or diverting children’s school fees to purchase shares.
Speaking at the Dangote Petroleum Refinery and Petrochemicals FZE IPO roadshow in Kano State, Sanusi encouraged prospective investors to commit only funds they can afford to set aside for the long term. He stressed that investments should be made with patience, noting that the fundamentals of the Nigerian economy support sustainable growth.
“I urge you not to use school fees or sell your home to buy shares. Invest what you can spare—₦10,000, ₦20,000, ₦30,000—and allow it to grow over time,” he said, adding that Kano indigenes should not be left behind in capital market participation.
The former Central Bank of Nigeria governor highlighted the strategic importance of the refinery, describing it as a disruption to Nigeria’s dependence on imported petroleum products. He praised Aliko Dangote for positioning the country to potentially earn foreign exchange from refined product exports rather than spending heavily on imports and subsidies.
The IPO, which opened on September 14, 2026, offers 4.1 billion new ordinary shares at ₦525 per share, with a minimum subscription of 10 shares valued at ₦5,250. The offer will remain open until October 13, 2026, and is targeted at retail, institutional, and eligible African investors.
At the NGX trading floor ceremony, Dangote assured investors that the refinery would become Africa’s most viable company by December 2026, reinforcing its role in deepening Nigeria’s capital market and broadening ownership.
