Dangote IPO: ‘Don’t sell your house, usse school fees to buy shares’ — Emir Sanusi advises Nigerians

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The Emir of Kano, Muhammadu Sanusi II, has advised Nigerians interested in buying shares in the Dangote Petroleum Refinery and Petrochemicals FZE against risking essential family needs to finance their investments.

Sanusi gave the advice in Kano during a roadshow organised ahead of the initial public offering of shares in the Dangote Petroleum Refinery.

The former Governor of the Central Bank of Nigeria (CBN) urged prospective investors to commit only funds they could afford to leave untouched for an extended period.

He specifically cautioned Nigerians against selling their homes or using money meant for their children’s school fees to buy shares.

“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 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,” Sanusi said.

The monarch encouraged prospective shareholders to start with modest amounts rather than commit money they could not afford to lose or have tied up.

He also urged investors to approach the share purchase as a long-term investment rather than an opportunity for quick financial gains.

Speaking specifically to Kano residents, Sanusi called for greater participation in the capital market and encouraged them to become shareholders in the refinery.

“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.

“And I’m not talking about someone who will buy 5,000 shares and wants to sell tomorrow and believes you 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,” he said.

Using investments of N10,000 and N100,000 as examples, the former CBN governor encouraged Nigerians to consider the potential benefits of allowing investments to remain in place and grow over several years.

“Forget about it for some time. You’ll be surprised in five years, the ₦10,000 you invest today, what it will be. The ₦100,000 you invest will be,” he said.

Sanusi also advised Nigerians seeking to build wealth through the capital market to consider investing in companies with strong economic fundamentals and tangible assets.

“So I would urge all of us to try to begin the process of owning, and if you’re going to own, you might as well own in a company that has the right economic fundamentals, a company that is producing; you can see the assets on the ground,” he added.

The Emir further urged Kano residents to support Aliko Dangote, whom he described as their “son”, while highlighting the city’s longstanding culture of entrepreneurship.

According to him, Kano’s history of producing successful entrepreneurs reflects a tradition of risk-taking, hard work and enterprise.

The roadshow forms part of efforts to engage prospective investors ahead of the planned public offering of shares in the Dangote Petroleum Refinery.