Dangote Refinery IPO: Sanusi Issues Strong Warning Over School Fees And House Money

The Emir of Kano, Muhammadu Sanusi II, has cautioned Nigerians interested in buying shares in the Dangote Petroleum Refinery against using money meant for essential family needs or selling their homes to fund the investment.

According to Bush Radio Academy, Sanusi gave the advice on Thursday while speaking at the Dangote Refinery and Petrochemicals FZE Initial Public Offering (IPO) roadshow in Kano State.

The former Central Bank of Nigeria governor urged prospective investors to commit only money they could comfortably set aside for an extended period. He cited amounts such as ₦10,000, ₦20,000 and ₦30,000 as examples of sums investors could consider, depending on their financial circumstances.

Sanusi specifically warned Nigerians against using their children’s school fees or selling the homes they live in to purchase shares.

He also advised investors not to approach the IPO as an avenue for making quick profits, urging them instead to consider a longer-term investment approach.

The Emir encouraged Kano residents to participate in the capital market and become shareholders in the refinery, describing its founder, Aliko Dangote, as a prominent son of Kano.

Sanusi said investors should not buy large quantities of shares with the expectation of immediately selling them at a higher price. Instead, he encouraged those who have disposable funds to invest and allow the investment time to potentially appreciate.

He also highlighted what he described as the broader economic significance of the Dangote Refinery, particularly its potential to reduce Nigeria’s dependence on imported refined petroleum products.

Reflecting on his time as CBN governor, Sanusi said Nigeria had historically used significant foreign exchange to import refined petroleum products after exporting crude oil. He argued that the development of domestic refining capacity could help change that pattern by enabling Nigeria to produce refined petroleum products locally and potentially export them.

The Dangote Refinery IPO opened on September 14, 2026, offering 4.1 billion ordinary shares at ₦525 per share. The minimum subscription is 10 shares, valued at ₦5,250, while the offer is scheduled to close on October 13, 2026, subject to the terms of the prospectus.

The offer is open to retail, institutional and eligible African investors. The official IPO information also states that share prices can rise or fall after listing and that investors could lose some or all of the money invested, underscoring the importance of understanding the risks before subscribing.

Sanusi’s comments come amid strong public interest in the refinery’s share offer, which is being positioned as an opportunity for broader participation in Nigeria’s capital market