The Emir of Kano, Muhammadu Sanusi II, has advised prospective investors not to sell their homes or use essential funds such as their children’s school fees to invest in shares of Dangote Refinery.
Sanusi gave the warning on Thursday while speaking at the Dangote Refinery Initial Public Offering investor roadshow in Kano. He encouraged residents interested in the offering to invest only money they could comfortably set aside for a long period.
“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 suggested that prospective investors could start with affordable amounts such as N10,000, N20,000 or N30,000, depending on their financial capacity, rather than putting essential funds at risk.
Sanusi also advised investors to adopt a long-term approach and avoid buying shares with the expectation of making quick profits. He said investors should be prepared to leave their money in the investment for some time rather than expecting immediate returns.
The Emir nevertheless encouraged Kano residents to participate in the capital market and acquire shares in the refinery, which was founded by Kano-born businessman Aliko Dangote.
“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,” he said.
The Dangote Refinery IPO opened on September 14, with the investor roadshow aimed at encouraging wider participation and public ownership of the facility. Sanusi said the location of the refinery should not discourage Kano residents from investing, stressing that ownership and returns belong to shareholders.
He also urged unions and other organised groups in Kano to educate their members about the investment opportunity while emphasising the importance of responsible investing.
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