Don’t Sell Your House For Dangote Refinery Shares” — Sanusi Warns Nigerians

The Emir of Kano, Muhammadu Sanusi II, has cautioned Nigerians interested in the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO) against using money meant for essential family needs to purchase shares.

According to reports, Sanusi gave the warning on Thursday, September 17, 2026, while speaking at the Dangote Refinery “People’s IPO” sensitisation roadshow in Kano, which was attended by investors, stockbrokers, bank representatives, business leaders, traditional rulers and prospective shareholders.

The former Governor of the Central Bank of Nigeria urged prospective investors not to sell their homes or use their children’s school fees to invest in the refinery.

“Do not take your children’s school fees and put them in shares. Do not sell your house that you live in and put in shares, but what you can afford, 10,000, 20,000, 30,000,” Sanusi said.

He advised Nigerians to invest only money they could comfortably set aside for an extended period, rather than approaching the investment as an avenue for making quick profits.

Sanusi also urged Kano residents to participate in the capital market and described the Dangote Refinery as an investment with long-term economic significance.

He cautioned against buying a large number of shares with the intention of selling them almost immediately for a quick return, stressing the importance of patience and long-term investment.

The monarch also highlighted the potential economic importance of the Dangote Refinery, recalling that Nigeria had historically spent substantial foreign exchange importing refined petroleum products after exporting crude oil.

According to Sanusi, increased domestic refining capacity could reduce the country’s dependence on imported petroleum products and potentially create opportunities for Nigeria to earn foreign exchange through refined-product exports.

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 Securities and Exchange Commission has advised prospective investors to carefully study the prospectus, understand the risks associated with the investment and subscribe only through officially approved channels.

The offer is open to retail, institutional and eligible African investors as the refinery seeks to broaden ownership through the capital market.