The Emir of Kano, Muhammadu Sanusi II, has advised prospective investors against risking essential funds, such as their children’s school fees or primary residences, to purchase shares.
Speaking on Thursday at the Dangote Refinery IPO investor roadshow in Kano, the traditional ruler urged residents to invest only disposable income they can afford to lock away for the long term.
He recommended modest, manageable sums such as ₦10,000, ₦20,000, or ₦30,000 rather than seeking quick profits through short-term speculation.
His words, “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.
“But what you can afford, 10,000, 20,000, 30,000 – what you can afford to set aside for some time, set it aside. And if you look at the fundamentals of the economy, over time you can be assured that this investment will grow, and you will not regret it.
“I speak as the Emir of Kano; I would like my people to be owners of this company.
“I do not want us to be left behind in the capital markets. I do not want us to be left behind in financial inclusion. So this is the time and this is the opportunity,” he said.
He also advised prospective investors to choose a long-term approach rather than buying shares in anticipation of quick profits.
“And I’m not talking about someone who will buy 5,000 shares and want to sell tomorrow and believe he will get 10,000. No, I’m talking about you have some money, put it in, leave it there for some time, and just watch your money grow.
“Forget about it for some time. You’ll be surprised in five years the 10,000 Naira you invest today, what it will be. The 100,000 Naira you invest, what it will be,” Sanusi said.
He noted that the physical location of the refinery in Lagos is irrelevant, as ownership and profits belong strictly to the shareholders regardless of where the infrastructure sits.
“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.
“It is the shareholders who own it. It’s the shareholders who take the return. It is the shareholders who own the profit,” he added.
Emir Sanusi also praised Kano-born businessman Aliko Dangote and encouraged residents to secure a stake in the venture before the public offering closes.
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