Nigerians should own shares in Dangote refinery — Sanusi

Emir of Kano, Muhammadu Sanusi II...Photo Credit: ICIR/ Maigaskiya

The Emir of Kano, Muhammadu Sanusi II, has urged Nigerians to take advantage of the Dangote Petroleum Refinery and Petrochemicals Limited initial public offering to become shareholders in the multi-billion-dollar refinery.

According to a statement, Sanusi made the call on Thursday while speaking at the Dangote Refinery “People’s IPO” sensitisation roadshow in Kano, where he described equity ownership as a vehicle for long-term wealth creation and economic empowerment.

The monarch said Kano’s history of commerce, enterprise and investment positioned its people to benefit significantly from participation in the capital market.

He said he had closely followed the evolution of the Dangote Group from its formative years and described the refinery as the culmination of a long-standing vision to produce in Nigeria, the products required to serve its vast population.

Reflecting on his early career as a Credit Risk Management Officer at United Bank for Africa in the late 1990s, Sanusi recalled engaging with Aliko Dangote at a time when the company was transitioning from trading and importation into large-scale manufacturing.

According to him, what many initially viewed as an unusual strategy of using short-term financing to pursue long-term industrial investment was evidence of Dangote’s determination to build productive capacity and reduce Nigeria’s dependence on imports.

He noted that the industrial vision was based on producing locally the goods Nigerians consume daily rather than importing them.

“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.

The former Governor of the Central Bank of Nigeria described the Dangote refinery as a landmark project capable of transforming Nigeria’s economic structure, particularly its dependence on imported petroleum products despite being one of Africa’s leading crude oil producers.

Sanusi said fuel imports had historically exerted substantial pressure on Nigeria’s foreign exchange reserves, as the country earned foreign exchange from crude oil exports while spending a significant portion on importing refined petroleum products.

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“What Aliko has done is to disrupt that model,” he said, noting that domestic refining would not only reduce import dependence but also position Nigeria as an exporter of refined petroleum products.

He also pointed to the refinery’s growing international relevance, citing reports of European airlines purchasing aviation fuel from the facility during disruptions linked to the Strait of Hormuz crisis.

Addressing concerns about market dominance, the Emir said the solution was increased investment in productive industries.

“There is no monopoly if a monopoly is not protected by law. Anybody who wants to build a refinery, anybody who wants to raise $22bn, invest and go through what Aliko went through is welcome to do so,” he stated.

Sanusi further urged Nigerians to channel investments towards productive ventures capable of generating jobs, value and economic growth rather than focusing primarily on speculative activities or overseas assets.

He described the Dangote Refinery IPO as an opportunity for Nigerians to become part owners of one of Africa’s significant industrial projects.

“It is the shareholders who own it. It is the shareholders who take the returns. It is the shareholders who own the profits,” he said.

While encouraging participation in the IPO, the Emir advised prospective investors to invest responsibly and maintain a long-term perspective, cautioning against committing funds required for essential family obligations.

He urged Kano residents to embrace the capital market, stressing that widespread participation in the Dangote Refinery IPO would create wealth for investors, deepen financial inclusion and strengthen local ownership of national industrial assets.