The Emir of Kano, His Royal Highness Khalifa Muhammadu Sanusi II, has mounted a strong defence of the Dangote Petroleum Refinery and Petrochemicals Limited, rejecting allegations that the facility represents a monopoly and describing its newly launched Initial Public Offering (IPO) as a significant opportunity for Nigerians to participate in wealth creation.
Sanusi made the remarks during the Dangote Refinery “People’s IPO” sensitisation roadshow in Kano, where he urged individuals, entrepreneurs and businesses across the state to consider participating in the offering.
According to the Emir, widespread ownership of shares could help deepen financial inclusion while giving Nigerians an opportunity to benefit directly from one of the country’s largest industrial investments.
Sanusi: Kano Has a Strong Investment Culture
The monarch highlighted Kano’s long-standing history of commerce, entrepreneurship and investment, saying the state’s residents were well positioned to take advantage of opportunities in the capital market.
He encouraged Kano residents to look beyond traditional forms of investment and consider equity ownership as a potential avenue for long-term wealth creation.
Sanusi also reflected on his longstanding familiarity with the Dangote Group, recalling that he had followed the company’s transformation from a trading and importation business into a major industrial conglomerate.
The Emir recalled his experience as a Credit Risk Management Officer at United Bank for Africa (UBA) in the late 1990s, when he encountered Aliko Dangote as the businessman was expanding into large-scale manufacturing.
From Import Dependence to Local Production
Sanusi said the strategy of investing heavily in domestic production was initially unusual to some observers, but argued that it reflected a broader economic objective: building productive capacity within Nigeria and reducing the country’s dependence on imports.
He explained that producing essential goods locally could help Nigeria retain more economic value within the country.
“Somebody needs to produce the petrol for your cars, somebody needs to produce the cement for your houses, somebody needs to produce the food that you eat.”
According to him, Nigeria has historically spent substantial amounts importing products that could potentially be produced domestically.
He described the Dangote Refinery as an important part of efforts to change that pattern, particularly in the petroleum sector.
Former CBN Governor Highlights Fuel Import Challenge
Drawing on his experience as a former Governor of the Central Bank of Nigeria, Sanusi said petroleum-product imports had historically placed significant pressure on Nigeria’s foreign-exchange resources.
He noted that the country could earn foreign exchange from crude oil exports while simultaneously spending foreign exchange to import refined petroleum products.
Sanusi argued that the development of large-scale domestic refining capacity could help alter this dynamic by reducing reliance on imported refined products and potentially increasing Nigeria’s capacity to export petroleum products.
He also referenced the refinery’s reported international reach, including reports of European airlines sourcing aviation fuel from the facility during disruptions associated with the Strait of Hormuz crisis.
Sanusi Rejects Monopoly Allegations
Addressing concerns about the refinery’s market position, the Emir argued that allegations of monopoly should be considered in the context of Nigeria’s regulatory framework and the availability of opportunities for other investors.
“There is no monopoly if a monopoly is not protected by law. Anybody who wants to build a refinery, anybody who wants to raise $22 billion, invest and go through what Aliko went through is welcome to do so.”
He maintained that rather than focusing solely on criticism of existing industrial investments, Nigerians should encourage the development of more productive enterprises capable of creating jobs, generating economic value and strengthening domestic production.
Emir Urges Nigerians to Consider IPO Participation
Sanusi also used the occasion to encourage Nigerians to consider the Dangote Refinery IPO as an opportunity to become shareholders in the company.
He emphasised that ownership through shares gives investors a direct stake in the performance of a business.
“It is the shareholders who own it. It is the shareholders who take the returns. It is the shareholders who own the profits.”
However, the Emir cautioned prospective investors to approach the opportunity responsibly. He advised Nigerians not to commit money needed for essential household obligations and encouraged investors to maintain a long-term perspective.
IPO Seen as Opportunity for Wider Nigerian Ownership
The Emir’s comments place the Dangote Refinery IPO within a broader discussion about financial inclusion, domestic investment and Nigerians’ participation in major industrial assets.
He urged Kano residents and other Nigerians to explore opportunities in the capital market, arguing that greater participation could potentially expand local ownership of major businesses while creating opportunities for investors to benefit from long-term economic growth.
Sanusi’s message was ultimately centred on encouraging Nigerians to move beyond passive observation of major industrial projects and consider how ordinary citizens can participate financially through legitimate investment channels.
For investors, however, participation in any IPO remains a personal financial decision. Prospective investors should review the official offer documents, understand the risks, valuation and terms of the offering, and invest only according to their individual financial circumstances and risk tolerance.