The Emir of Kano, Muhammadu Sanusi II, has urged individuals, entrepreneurs and businesses across Kano State to consider investing in the Dangote Petroleum Refinery and Petrochemicals Limited Initial Public Offering (IPO), describing equity ownership as a potential vehicle for long-term wealth creation and economic empowerment.
The monarch made the call while speaking at the Dangote Refinery “People’s IPO” sensitisation roadshow held in Kano State.
Sanusi said he had closely followed the evolution of the Dangote Group from its formative years, describing the Dangote Refinery as the culmination of a long-standing vision to develop Nigeria’s capacity to produce locally the products required by its large population.
Reflecting on his early career as a Credit Risk Management Officer at United Bank for Africa (UBA) in the late 1990s, the Emir recalled his interactions with Aliko Dangote during a period when the company was transitioning from trading and importation into large-scale manufacturing.
According to Sanusi, what some initially considered an unusual approach of using short-term financing to support long-term industrial investments ultimately demonstrated Dangote’s determination to build productive capacity and reduce Nigeria’s dependence on imported goods.
He explained that the underlying industrial strategy was straightforward: Nigeria should produce locally the goods its citizens consume daily instead of relying heavily on imports.
“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. We are importing these things from Asia, Europe and America. Our strategy is to produce those things here,” he recalled.
Sanusi Highlights Economic Importance of Dangote Refinery
The Emir described the Dangote Refinery as a landmark industrial project with the potential to contribute to changes in Nigeria’s economic structure, particularly the country’s long-standing reliance on imported petroleum products despite its position as one of Africa’s major crude oil producers.
He said increasing domestic productive capacity was important to strengthening the Nigerian economy and reducing dependence on foreign sources for essential goods and commodities.
Sanusi also addressed concerns surrounding the size and market position of the Dangote Refinery, arguing that competition could be encouraged by creating an environment in which other investors are able to establish competing businesses.
“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 stated.
The Emir’s comments came as the Dangote Refinery continues its public sensitisation campaign around its proposed IPO, which is being presented as an opportunity for Nigerians to participate in the ownership of one of the country’s major industrial projects.
For investors and businesses in Kano and beyond, the IPO roadshow is aimed at increasing public awareness of the offering and highlighting the potential role of equity participation in expanding local ownership of major Nigerian businesses.