By Paul Aondoakaa 

The Emir of Kano, Muhammadu Sanusi II, has advised Nigerians interested in the Dangote Refinery Initial Public Offering (IPO) not to use money meant for essential needs, including their children’s school fees or the homes they live in, to buy shares.

Sanusi gave the advice on Thursday during the Dangote Refinery IPO investor roadshow in Kano, where he encouraged residents to participate in the capital market but approach the investment with a long-term outlook.

“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 advised prospective investors to use only money they could afford to set aside, citing amounts such as ₦10,000, ₦20,000 and ₦30,000 as examples.

According to Sanusi, investors should not buy shares expecting to make quick profits by selling them shortly afterwards.

“I’m not talking about someone who will buy 5,000 shares and want to sell tomorrow and believe he will get 10,000,” he said.

Instead, he encouraged investors to leave their money invested for a longer period and allow the value of their holdings to develop over time.

The Emir also urged Kano residents to become shareholders in the refinery, saying he did not want them to be left behind in capital-market participation and financial inclusion.

“I speak as the Emir of Kano; I would like my people to be owners of this company,” he said.

He argued that the physical location of the refinery should not prevent Nigerians elsewhere from owning a stake in the business.

“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,” Sanusi said.

The comments come as the Dangote Refinery IPO attracts significant interest from retail investors across Nigeria. Reuters reported that heavy demand has put pressure on some digital investment platforms, with some experiencing disruptions as investors attempted to subscribe.

The Securities and Exchange Commission (SEC) approved the Dangote Petroleum Refinery and Petrochemicals IPO to open on September 14, 2026.

The regulator has advised prospective investors to obtain information only through official channels and to use approved receiving agents, subscription channels and platforms.

The SEC has also warned investors against unsolicited messages, social-media offers and individuals promising guaranteed allotments or preferential treatment. It urged investors to verify the registration status of any investment platform or operator before transferring funds or providing personal information.

The IPO has a minimum subscription of 10 shares, with the offer priced at ₦525 per share, meaning the minimum share value is ₦5,250 before applicable charges. The offer is scheduled to close on October 13, 2026.

While Sanusi expressed confidence in the long-term potential of the investment, buying shares does not guarantee a profit.

Share prices can rise or fall, and investors may lose money. Dividend payments are also not guaranteed.
The SEC has therefore advised investors to read the approved prospectus carefully and understand the terms and risks of the offer before subscribing.

The strong retail interest also highlights the importance of investor education, particularly for Nigerians who may be entering the stock market for the first time.

For prospective investors, the central issue is not simply whether they can buy Dangote Refinery shares, but whether the money being invested can be committed without affecting essential household needs and whether they understand the risks involved.

The Dangote Refinery IPO remains open until October 13, 2026. Investors will continue to submit applications through approved channels during the offer period.

Benue Info-pedia will continue to track developments around the offering, including investor participation, regulatory updates, allotment and information relevant to first-time retail investors.