RismadarVoice Business
September 18, 2026
Emir of Kano Muhammadu Sanusi II has cautioned Nigerians interested in the Dangote Petroleum Refinery shares against investing money needed for essential family expenses or selling their homes to participate in the offer.
Sanusi, a former Governor of the Central Bank of Nigeria, gave the warning on Thursday during the Dangote Petroleum Refinery and Petrochemicals FZE initial public offering roadshow in Kano State.
“Do not take your children’s school fees and put them in shares. Do not sell your house that you live in and put it in shares,” Sanusi said.
He urged prospective shareholders to invest only what they could afford to set aside for an extended period, describing the offer as a long-term investment rather than an opportunity for quick returns.
Sanusi also encouraged Kano residents to participate in the capital market, saying he wanted people from the state to have an ownership stake as investors across Nigeria consider the offer.
SANUSI HIGHLIGHTS REFINERY’S ECONOMIC ROLE
The monarch also highlighted the potential impact of domestic refining on Nigeria’s foreign-exchange position.
Recalling his tenure at the CBN, Sanusi said Nigeria historically spent substantial foreign exchange importing refined petroleum products despite being a major crude oil producer.
He argued that expanding domestic refining could reduce dependence on imported petroleum products while creating opportunities for Nigeria to earn foreign exchange from exports of refined products.
“We have moved from a country using its foreign exchange to import petroleum products, to one that potentially will be earning foreign exchange from an exporter, not just of crude but also of refined products,” Sanusi said.
He maintained that refining crude domestically would allow more value to remain within the Nigerian economy rather than exporting crude for processing abroad and subsequently importing finished products.
IPO SEEKS ABOUT ₦2.15TRN
The Dangote Refinery IPO opened on September 14, 2026, with 4.1 billion new ordinary shares offered at ₦525 per share, representing a potential capital raise of about ₦2.15 trillion if fully subscribed.
The minimum subscription is 10 shares, valued at ₦5,250, while the offer is expected to close on October 13, 2026, subject to the terms contained in the prospectus.
The offer targets retail, institutional and eligible African investors.
At the opening ceremony for the IPO on the Nigerian Exchange earlier in the week, Dangote Group President Aliko Dangote expressed confidence in the refinery’s prospects, saying he expected it to become the most viable company in Africa by the end of December 2026.
