The Emir of Kano, Muhammadu Sanusi II, has urged prospective investors in Dangote Refinery to avoid putting essential family funds at risk when buying shares in the company.
Sanusi spoke on Thursday at the Dangote Refinery initial public offering (IPO) investor roadshow in Kano, where he encouraged residents to participate in the capital market but stressed the importance of investing only money they could afford to set aside for the long term.
Invest Only What You Can Afford
The emir advised potential shareholders to consider modest amounts such as ₦10,000, ₦20,000 or ₦30,000, rather than committing money needed for immediate household expenses.
“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,” Sanusi said.
He encouraged investors to set aside disposable income and allow their investments time to grow instead of chasing quick returns through short-term speculation.
“But what you can afford, 10,000, 20,000, 30,000, 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, and you will not regret it,” he said.
Sanusi said he wanted Kano residents to become shareholders in the company and urged them not to miss the opportunity to participate in Nigeria’s capital markets.
“I speak as the Emir of Kano; 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. So this is the time and this is the opportunity,” he said.
Focus on Long-Term Investment
The former Central Bank governor also cautioned investors against buying shares solely with the expectation of making immediate profits.
He said the objective should be to invest affordable funds and leave them untouched for a reasonable period.
“And I’m not talking about someone who will buy 5,000 shares and want to sell tomorrow and believe he will get 10,000. No, I’m talking about you have some money, put it in, leave it there for some time, and just watch your money grow,” Sanusi said.
“Forget about it for some time. You’ll be surprised in five years the 10,000 Naira you invest today, what it will be. The 100,000 Naira you invest, what it will be,” he added.
Shareholders Own the Business
Sanusi also sought to reassure prospective investors that the refinery’s location should not discourage them from taking part in the offering.
He explained that ownership of the company and entitlement to its profits rest with shareholders, regardless of where the refinery is physically located.
“It doesn’t matter where the refinery is located. It could be located in Lagos, or Ibadan, or on the moon. It is the shareholders who own it.
“It is the shareholders who own it. It’s the shareholders who take the return. It is the shareholders who own the profit,” he said.
The Emir also praised Kano-born businessman Aliko Dangote and encouraged residents to acquire shares before the public offering closes.
