The Emir of Kano, Muhammadu Sanusi II, has cautioned Nigerians interested in the Dangote Petroleum Refinery and Petrochemicals IPO against risking essential household assets or obligations to buy shares.
Sanusi advised prospective investors not to sell their homes or divert their children’s school fees into the share offer, urging them instead to invest only money they could comfortably set aside.
The former Central Bank of Nigeria governor spoke in Kano during the IPO roadshow organised by Dangote Petroleum Refinery and Petrochemicals FZE.
The event attracted investors, stockbrokers, bankers, industrialists, traditional rulers and prospective shareholders.
“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,” Sanusi said.
He encouraged investors to approach the offer as a long-term investment rather than an opportunity for quick returns.
“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,” he said.
Sanusi said he wanted Kano residents to participate in the capital market and become shareholders in the refinery, describing the opportunity as one that should not leave people in the region behind.
“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,” he said.
The monarch, however, warned against buying shares solely for immediate resale and urged investors to consider holding their investments over a longer period.
“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.
He illustrated the potential of long-term investment by asking investors to consider what relatively small amounts could become 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,” Sanusi said.
The former CBN governor also encouraged Nigerians to consider investing in businesses with tangible assets and strong economic fundamentals.
“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 said.
Sanusi also urged Kano residents to support what he described as their “son”, in reference to Aliko Dangote, while encouraging broader participation in the capital market.
He said Kano’s history of producing prominent entrepreneurs was not accidental, noting that risk-taking, hard work and entrepreneurship had long been part of the character of the city’s business community.
