Emir Sanusi Urges Kano Residents to Invest in Dangote Refinery IPO

 Emir Sanusi Urges Kano Residents to Invest in Dangote Refinery IPO

The Emir of Kano, His Royal Highness Khalifa Muhammadu Sanusi II, has urged individuals, entrepreneurs and businesses in Kano State to take advantage of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals Limited, describing equity ownership as a pathway to long-term wealth creation and economic empowerment.

Sanusi made the call while speaking at the Dangote Refinery “People’s IPO” sensitisation roadshow in Kano.

The monarch said Kano’s long-standing tradition of commerce, entrepreneurship and investment placed its residents in a strong position to benefit from opportunities in the capital market.

He said he had followed the growth of the Dangote Group from its early years, describing the refinery as the culmination of a long-term vision to develop Nigeria’s productive capacity and reduce dependence on imports.

Recalling his experience as a Credit Risk Management Officer at United Bank for Africa (UBA) in the late 1990s, Sanusi said he interacted with Aliko Dangote during the period when the company was transitioning from trading and importation into large-scale manufacturing.

According to him, what appeared at the time to be an unconventional approach of using short-term financing to support long-term industrial investments ultimately reflected Dangote’s determination to build productive capacity within Nigeria.

He said the underlying economic principle was straightforward: Nigeria should produce locally the goods its citizens consume rather than continually relying on imports.

“Somebody needs to produce the petrol for your cars, somebody needs to produce the cement for your houses, somebody needs to produce the food that you eat. We are importing these things from Asia, Europe and America. Our strategy is to produce those things here,” he recalled.

The Emir described the Dangote Refinery as a major industrial project capable of altering Nigeria’s economic structure, particularly the country’s long-standing dependence on imported petroleum products despite its status as a major crude oil producer.

Drawing on his experience as a former Governor of the Central Bank of Nigeria (CBN), Sanusi said petroleum product imports had historically placed considerable pressure on Nigeria’s foreign exchange reserves.

He explained that the country had often earned foreign exchange by exporting crude oil, only to spend a substantial portion of it importing refined petroleum products.

“What Aliko has done is disrupt that model,” he said, adding that increased domestic refining could reduce import dependence while positioning Nigeria to export refined petroleum products.

Sanusi also highlighted the refinery’s growing relevance in international energy markets, citing reports that European airlines had purchased aviation fuel from the facility amid disruptions associated with the Strait of Hormuz crisis.

He said the development underscored the refinery’s capacity to serve not only Nigeria but also international markets.

Sanusi: Competition, Not Criticism, Will Address Monopoly Concerns

Addressing concerns over the refinery’s market dominance, the Emir said the appropriate response should be to encourage more investment in productive industries rather than discourage existing investors.

“There is no monopoly if a monopoly is not protected by law. Anybody who wants to build a refinery, anybody who wants to raise $22 billion, invest and go through what Aliko went through is welcome to do so,” he said.

Sanusi also urged Nigerians to direct more capital towards productive investments capable of creating jobs, generating value and expanding economic opportunities, rather than concentrating investments primarily in speculative ventures or overseas assets.

He described the Dangote Refinery IPO as an opportunity for Nigerians to acquire an ownership stake in what he called one of Africa’s major industrial projects.

“It is the shareholders who own it. It is the shareholders who take the returns. It is the shareholders who own the profits,” he said.

While encouraging Kano residents to consider participating in the offering, the Emir advised prospective investors to exercise financial discipline and adopt a long-term investment outlook.

He cautioned investors against committing money needed for essential family responsibilities, stressing the importance of investing responsibly.

The sensitisation roadshow is part of efforts to create awareness about the Dangote Refinery IPO and encourage wider Nigerian participation in the ownership of the facility.