The Emir of Kano, Muhammadu Sanusi II, has issued a stern word of caution to Nigerians eager to participate in the highly anticipated Dangote Petroleum Refinery Initial Public Offering (IPO), urging them to exercise extreme financial discipline and avoid jeopardizing their livelihoods.
Speaking at the IPO roadshow in Kano State, the former Central Bank of Nigeria (CBN) governor warned investors against making desperate or unsustainable financial sacrifices to buy into the historic offer.
“Do not take your children’s school fees and put your shares. Do not sell your house that you live in and put in shares, but put in what you can afford: 10,000, 20,000, 30,000,” Sanusi advised the audience, which included stockbrokers, bank representatives, and traditional rulers. “What you can afford to set aside for some time, set it aside, and if you look at the fundamentals of the economy over time, you can be assured that this investment will grow.”
The monarch emphasized a long-term investment philosophy over speculative, short-term trading. He discouraged the mindset of buying a few thousand shares with the expectation of flipping them for a quick profit the very next day. Instead, he urged citizens to invest disposable income and allow the asset to appreciate over a period of years.
Despite his warnings against financial recklessness, Sanusi made it clear that he strongly supports the IPO and wants Nigerians, particularly the people of Kano, to take advantage of the wealth-creation opportunity. “I speak as Emir of Kano. I would like my people to be owners of this. I do not want us to be left behind in the capital markets,” he stated.
Drawing on his deep macroeconomic experience as a former CBN governor, Sanusi also praised Aliko Dangote for fundamentally altering Nigeria’s economic trajectory. He recalled the historical burden on the nation’s foreign reserves, noting the absurdity of a country that exports crude oil only to spend its hard-earned foreign exchange importing refined petroleum products.
“Instead of using the foreign exchange to develop agriculture, to develop infrastructure, to develop education, we would export crude oil and then turn around and import refined petroleum products,” Sanusi explained. He lauded the refinery for disrupting this unsustainable model, noting that Nigeria is now transitioning from a net importer of refined products to a potential exporter, thereby conserving and earning vital foreign exchange.
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The Dangote Refinery IPO, which officially opened on September 14, 2026, offers 4.1 billion ordinary shares at N525 per share. With a minimum subscription of just 10 shares (valued at N5,250), the offer is explicitly designed to democratize ownership and is scheduled to close on October 13, 2026.
As the subscription window remains open and public excitement continues to mount, Sanusi’s intervention serves as a vital anchor of reality. His message is clear: while the Dangote Refinery represents a monumental leap forward for African industry and a prime vehicle for long-term wealth creation, the journey to financial prosperity must never be funded by mortgaging one’s present security.
Promise Idoko is Junior Reporter working with moderncrux He covers global politics and international affairs. Based in Nigeria,
