The Emir of Kano, Muhammadu Sanusi II, has advised prospective investors in the Dangote Refinery against risking essential family needs to buy shares in the company.
Sanusi, who spoke at the Dangote Refinery Initial Public Offering investor roadshow in Kano on Thursday, urged residents to invest only money they could afford to leave untouched for some time.
He specifically warned investors against using their children’s school fees or selling their homes to raise money for the investment.
“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,” the Emir said.
He advised prospective investors to start with amounts they could comfortably set aside, such as N10,000, N20,000 or N30,000, and take a long-term approach to the investment.
Sanusi said investors should not buy shares expecting to make quick profits, but should allow their investments time to grow.
“I’m not talking about someone who will buy 5,000 shares and want to sell tomorrow and believe he will get 10,000,” he said.
The Emir also encouraged Kano residents to participate in the capital market and become shareholders in the refinery founded by Kano-born businessman, Aliko Dangote.
“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,” he said.
The refinery IPO opened on September 14 as part of the company’s ongoing investor outreach.
Sanusi urged unions and other groups to educate their members about the investment opportunity, while stressing that the location of the refinery should not discourage Kano residents from participating.
“It is the shareholders who own it. It is the shareholders who take the return. It is the shareholders who own the profit,” he said.
He also described Dangote as a son of Kano and urged residents to take advantage of the IPO to have a stake in the company.
Sanusi said the refinery had also created direct and indirect jobs, while developing operations around refined petroleum products and fertiliser production.
He said the company had secured its gas supply, port access and markets, urging prospective investors to consider the long-term value of the business.
