By Mahmoud
The Emir of Kano, Muhammadu Sanusi II, has defended the Dangote Petroleum Refinery against critics of the project, saying the ongoing Initial Public Offering will provide Nigerians with an opportunity to participate in ownership and wealth creation.
Sanusi spoke on Thursday at the Dangote Refinery “People’s IPO” sensitisation roadshow in Kano, where he urged individuals, entrepreneurs and businesses to understand equity ownership as a means of participating in major businesses and the capital market.
The monarch challenged those criticising the refinery to demonstrate what they could achieve on a similar scale, noting that building a competing facility would require an estimated $22bn investment.
He said the scale of the Dangote project should be considered in assessing its contribution to Nigeria’s industrial development.
Sanusi said the IPO could broaden ownership of the refinery beyond its principal promoters by allowing Nigerians from different parts of the country to become shareholders.
According to him, the location of the refinery does not determine who benefits from its operations because shareholders own the company and are entitled to returns according to their holdings.
The former Central Bank of Nigeria governor also linked the refinery to Nigeria’s long-standing dependence on imported refined petroleum products.
He argued that increased domestic refining capacity could reduce the need to spend foreign exchange importing products while creating opportunities for Nigeria to export refined petroleum products.
The Dangote Refinery IPO opened on September 14, 2026, with 4.1 billion ordinary shares offered at N525 per share. The minimum subscription is 10 shares, valued at N5,250, while the offer is scheduled to close on October 13, subject to the terms of the prospectus.
The IPO has been presented by Dangote Industries as a “People’s IPO”, with the company saying the structure is intended to broaden ownership and give Nigerians an opportunity to participate in the refinery’s future value creation. The offering has also generated significant demand among retail investors and tested the capacity of some digital investment platforms.
Sanusi, however, cautioned prospective investors against putting essential household funds into shares. He specifically advised Nigerians not to sell their homes or use their children’s school fees to invest, urging people to consider only money they could afford to set aside for the long term.
The Securities and Exchange Commission has similarly advised prospective investors to obtain information through official channels, verify subscription platforms and avoid transferring money to unauthorised persons or entities.
The regulator’s warning comes amid heightened public interest in the refinery’s IPO.
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