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The Emir of Kano, Muhammadu Sanusi II, has cautioned Nigerians participating in the ongoing Dangote Refinery Initial Public Offering (IPO) against committing funds meant for essential needs to the investment.
Sanusi gave the advice on Thursday during the Dangote Refinery IPO investor roadshow in Kano, urging prospective investors to commit only funds they could afford to leave invested for the long term.
The former Governor of the Central Bank of Nigeria specifically advised Nigerians against using their children’s school fees or selling their homes to purchase shares in the refinery.
“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 prospective investors to consider modest investments, such as ₦10,000, ₦20,000 or ₦30,000, provided the money was disposable and could remain invested for some time.
Sanusi also cautioned investors against approaching the offer with the expectation of making quick profits, stressing the importance of having a long-term investment outlook.
He encouraged Kano residents and other Nigerians to participate in the capital market and become shareholders in the Dangote Refinery, noting that ownership of the company was not restricted by its location in Lagos.
According to him, investing in the refinery could provide Nigerians with an opportunity to participate in the ownership of a major industrial enterprise while building a culture of investment and financial inclusion.
The Dangote Refinery IPO opened on September 14 as the company seeks to broaden ownership of the refinery through the Nigerian capital market.
