The Emir of Kano, Muhammadu Sanusi II, has advised prospective investors not to use essential funds, including their children’s school fees or money from selling their homes, to buy shares in Dangote Refinery.
Sanusi gave the advice on Thursday at the Dangote Refinery Initial Public Offering (IPO) investor roadshow in Kano.
He urged residents interested in the offer to invest only money they could afford to set aside for the long term, suggesting amounts such as N10,000, N20,000 or N30,000.
“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 added that investors should focus on money they could afford to leave untouched for some time.
Sanusi also cautioned against buying the shares with the expectation of making quick profits.
“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,” he said, urging investors to adopt a long-term approach.
The Dangote Refinery IPO opened on September 14 as part of efforts to raise capital and broaden ownership of the refinery among Nigerian investors.
Sanusi encouraged Kano residents to participate in the capital market, saying he wanted them to 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,” he said.
He also dismissed concerns about the refinery being located outside Kano, noting that ownership and returns belong to shareholders regardless of where the facility is situated.
“It is the shareholders who own it. It’s the shareholders who take the return. It is the shareholders who own the profit,” Sanusi said.