The Emir of Kano, Muhammadu Sanusi II, has cautioned prospective investors against using their children’s school fees or selling their homes to invest in Dangote Refinery shares.

Sanusi gave the warning on Thursday while speaking at the Dangote Refinery Initial Public Offering (IPO) investor roadshow in Kano.

He advised Kano residents and other prospective investors to invest only money they could afford to set aside for a long period, suggesting amounts such as ₦10,000, ₦20,000 or ₦30,000.

“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,” he said.

The Emir encouraged residents to adopt a long-term investment approach rather than buying shares in anticipation of quick profits.

“I’m not talking about someone who will buy 5,000 shares and want to sell tomorrow and believe he will 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.

The Dangote Refinery IPO opened on September 14, with Sanusi urging Kano residents to participate in the capital market and 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. I do not want us to be left behind in financial inclusion. So this is the time and this is the opportunity,” he said.

Sanusi also urged unions and other organisations to educate their members about the investment opportunity.

Addressing concerns over the refinery’s location, he said ownership was determined by shareholders rather than where the facility was situated.

“It doesn’t matter where the refinery is located. It could be located in Lagos, or Ibadan, or on the moon. It is the shareholders who own it,” he said.

The Emir described Dangote as a son of Kano and encouraged residents to take advantage of the IPO to acquire a stake in the company.

He also highlighted the refinery’s production of refined petroleum products and fertiliser, as well as its role in creating direct and indirect employment.