Business and Economy
Dangote IPO: Emir Sanusi Calls on Kano Residents to Become Shareholders
Sanusi, Dangote Urge Kano Residents to Embrace Dangote Refinery IPO
The Emir of Kano, Muhammadu Sanusi II, has urged residents of Kano to take advantage of the Dangote Refinery Initial Public Offering (IPO) and begin the process of owning shares in one of Nigeria’s major industrial enterprises.
Sanusi made the call at the Dangote Refinery IPO presentation in Kano, describing the engagement as a “homecoming” for the public offering because the refinery’s founder and President/Chief Executive of Dangote Industries Limited, Aliko Dangote, hails from Kano.
“The people of Kano, my people, are not active participants in the stock market. That is why I want to urge them to acquire shares in Dangote Refinery and watch their money grow,” the Emir said.
He encouraged Kano residents to begin the process of becoming shareholders, stressing that participation in the IPO would provide an opportunity for ordinary Nigerians to have a stake in a major Nigerian enterprise.
“Begin the process of owning part of Dangote Refinery,” he urged.
According to the Emir, Dangote’s businesses have become part of everyday economic activity in the lives of Nigerians, citing the use of Dangote fertiliser by farmers, petroleum products from the refinery by motorists and households’ consumption of products such as Dangote Sugar and Dangote Salt.
He, however, said the investment opportunity should not be viewed as a reason for people to dispose of their existing assets.
“The people are not expected to sell the houses they own, or sell their farmlands and properties, but invest what you can and watch your money grow,” Sanusi said.
The Emir also addressed concerns surrounding the scale of Dangote’s business activities, arguing that the refinery should be viewed within the context of Nigeria’s longstanding objective of reducing dependence on the export of crude oil and the importation of refined petroleum products.
“It is not about Dangote being a monopoly. It is about seeking not to have crude exported and refined and imported back to the country,” he said.
His Royal Highness, Muhammadu Sanusi II, who was Chairman/Special Guest of Honour at the event, said Kano residents should see the IPO as an opportunity to participate in the ownership of a major Nigerian industrial asset, regardless of the refinery’s physical location in Lagos.
“How can Kano have a stake in the refinery? It is by investing in the process, participating in the process,” he said.
He further noted that the refinery has altered the trajectory of Nigeria’s oil and gas sector, describing Dangote’s industrial activities as part of the broader transformation taking place in the Nigerian economy.
“Dangote Refinery is real. It has changed the narrative of the oil and gas sector,” the Emir said.
He stressed that the geographical location of the refinery should not prevent Kano residents from identifying with the project.
“It does not matter where the refinery is located. What matters is that it is located on the shores of Nigeria,” he said.
The Emir also called on Kano residents to take advantage of the opportunity presented by the IPO and be proud of Aliko Dangote as an indigene of the state.
He said Nigerians should recognise the contribution of Dangote’s businesses to the country’s economic development, describing Dangote’s track record in industrial investment as significant to Nigeria’s economic transformation.
The Dangote Refinery IPO is open to eligible investors. The offer comprises 4.1 billion ordinary shares priced at ₦525 per share, with a minimum subscription of 10 shares, or ₦5,250. The offer opened on September 14, 2026, and is scheduled to close on October 13, 2026.
The Securities and Exchange Commission has advised prospective investors to study the approved prospectus, understand the terms and risks of the investment and subscribe only through officially approved channels.
Speaking at the event, President/Chief Executive of Dangote Industries Limited, Aliko Dangote, urged Kano investors to embrace an ownership culture through the Dangote Refinery IPO.
Dangote described the “Grand Homecoming” of the IPO as an opportunity for people in Kano and across Nigeria to become shareholders in one of Africa’s most significant industrial enterprises.
He said the refinery, which he described as potentially the largest single company ever created in Africa in terms of profitability, represents an opportunity for Nigerians to participate directly in the value created by a major Nigerian industrial enterprise.
According to him, developing an ownership culture should become an important component of Nigeria’s economic transformation.
Dangote noted that Kano’s long history of commerce, enterprise and wealth creation makes the city particularly relevant to the conversation about broader participation in the capital market.
“Kano has been a centre of commerce, enterprise and wealth creation long before the emergence of modern banking and capital markets. Merchants in Kano built trading networks extending across the North-West and through trans-Saharan routes to North Africa and beyond,” he said.
He added that enterprise, commerce and investment are therefore not new concepts to the people of Kano.
He explained that the “Grand Homecoming” of the Dangote Refinery IPO to Kano was fundamentally about creating avenues for more Nigerians to participate in the ownership of productive assets and the wealth generated from them.
“It is an opportunity provided by the capital market which Dangote Group has embraced,” he said.
Dangote said one of the major challenges confronting Nigeria was how to mobilise more domestic capital into productive investments capable of creating businesses, jobs, exports and long-term value.
He therefore called on Nigerians, particularly residents of Kano, to consider participating in the Dangote Refinery share offering, while urging the capital-market ecosystem to play a greater role in financing Nigeria’s development.
He also challenged Nigerian banks to embrace a stronger developmental role by putting their balance sheets to work in supporting productive economic activities.
“Bankers should become developmental bankers and not just focus on earning money without putting their balance sheets on the table to enable them contribute to the nation’s prosperity,” he said.
According to Dangote, the Kano engagement is intended to deepen participation in Nigeria’s capital market, strengthen investor and shareholder confidence, and broaden ownership of productive Nigerian assets.
He also emphasised the importance of encouraging young Nigerians to develop a culture that views prosperity not only through the prism of earning income, but also through saving, investing and owning productive assets.
Dangote drew a distinction between income and wealth, stressing that while income helps individuals and families meet their immediate needs, ownership of productive assets provides an opportunity to participate in value creation over a longer period.
“Income enables us to meet our daily needs, but productive assets enable our families to participate in the creation of value over generations,” he said.
Prof. Bashir Aliyu Umar, who spoke on the Sharia perspective of the IPO, said the Dangote Refinery IPO is Sharia compliant.
The Regional Director, Dangote Abuja Office, Fatima Wali Abdurrahman, also called on parents in Kano to buy Dangote Refinery shares for their children’s future development.
The event, tagged “Kano Grand Homecoming”, was held in Kano on Thursday, September 17, 2026.
Among those present were the Managing Director/CEO, Financial Derivatives Company, Bismarck Rewane; President/CE, Dangote Industries Limited, Aliko Dangote; Emir of Kano, His Highness Muhammadu Sanusi II; CEO, The CFG Advisory, Adetilewa Adebajo, who was a panelist; and President of the Supreme Council for Shariah in Nigeria, Prof. Bashir Aliyu Umar, who spoke on the Sharia perspectives of the IPO.