The Emir of Kano, Muhammadu Sanusi II, has appealed to Kano residents interested in the Dangote Refinery shares to invest cautiously and avoid putting their homes or family responsibilities at risk.
Sanusi gave the advice on Thursday while speaking at the Dangote Refinery Initial Public Offering investor roadshow in Kano.
The Emir urged prospective investors to commit only funds they could comfortably set aside for a long period, suggesting that people could start with amounts such as N10,000, N20,000 or N30,000.
He specifically warned investors against using their children’s school fees or selling the houses they live in to raise money for the investment.
“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,” Sanusi said.
Rather than chasing quick returns, the former Central Bank governor encouraged investors to adopt a long-term approach and allow their money to grow.
He said the investment should not be viewed as an opportunity to buy shares today and sell them the next day in expectation of making huge profits.
Sanusi also urged Kano residents to participate in the capital market and take advantage of the opportunity to become part-owners of the refinery founded by Kano-born businessman, Aliko Dangote.
Speaking in his capacity as Emir, he said he wanted Kano people to have a stake in the company and avoid being left behind in financial inclusion and the capital market.
He also called on unions, associations and other groups to educate their members about the IPO and the principles of long-term investment.
The Emir said the location of the refinery should not discourage Kano residents from investing, stressing that ownership of a company belongs to its shareholders, regardless of where its physical assets are located.
Sanusi described Dangote as a son of Kano and urged residents to take pride in the opportunity to own shares in his business.
He said while other places might claim the billionaire businessman because of his growing global profile, Kano residents knew his roots.
The Emir also pointed to the refinery’s production of petroleum products and fertiliser, as well as its contribution to direct and indirect employment.
The Dangote Refinery IPO opened on September 14 as the company seeks to broaden ownership through the Nigerian capital market.
