The Emir of Kano, Muhammadu Sanusi II, has advised prospective investors not to use their children’s school fees or sell their homes to buy shares in Dangote Refinery.
Sanusi gave the advice on Thursday while speaking at the Dangote Refinery Initial Public Offering (IPO) investor roadshow in Kano.
He encouraged Kano residents and other interested investors to invest only money they could afford to leave untouched for some time. He suggested starting with amounts such as N10,000, N20,000 or N30,000.
He said, “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.
“But what you can afford, N10,000, N20,000, N30,000; 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.”
The Dangote Refinery IPO opened on September 14, with investor outreach activities continuing across the country.
Sanusi urged Kano residents to participate in the capital market and become shareholders in the refinery founded by Kano-born businessman Aliko Dangote.
“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.
He also asked union leaders and representatives of other groups to educate their members about the opportunity.
Sanusi advised investors to take a long-term approach instead of buying shares with the intention of making quick profits.
“I’m not talking about someone who will buy N5,000 shares and want to sell tomorrow and believe he will get N10,000. No, I’m talking about you have some money, put it in, leave it there for some time, and just watch your money grow.
“Forget about it for some time. You’ll be surprised in five years, the N10,000 you invest today, what it will be; the N100,000 you invest, what it will be,” Sanusi said.
The Emir also said the location of the refinery should not stop Kano residents from investing, noting that ownership of a company belongs to its shareholders.
“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.
Sanusi described Dangote as a son of Kano and encouraged residents to use the IPO to take a stake in the company.
“We have heard Lagos claim Aliko. I know very soon even Egypt will claim him, America will claim him. But we all know where he comes from,” he said.
The Emir also highlighted the refinery’s operations, saying potential shareholders could see its assets and activities, including the production of refined petroleum products and fertiliser.
He said the refinery was creating direct and indirect employment opportunities and had secured access to gas supplies, ports and markets.
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