Why Nigerians Should Own Shares in Dangote Refinery - Sanusi Urges Wider Public Participation
Emir of Kano Muhammadu Sanusi II has urged Nigerians to consider owning shares in Dangote Refinery, describing the IPO as an opportunity for wealth creation while warning investors against risking essential funds.
The Emir of Kano, Muhammadu Sanusi II, has urged Nigerians to take advantage of the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, saying wider local ownership could help citizens participate directly in one of Nigeria’s largest industrial projects.
Sanusi made the call on Thursday, September 17, 2026, while speaking at the Dangote Refinery “People’s IPO” sensitisation roadshow in Kano. He described equity ownership as a potential avenue for long-term wealth creation and greater participation in Nigeria’s capital market. (Punch)
However, the former Central Bank of Nigeria governor also cautioned prospective investors against putting essential household funds into the offer. He specifically warned Nigerians not to use their children’s school fees or sell their homes to buy shares.
Sanusi: Nigerians Should Become Owners
Sanusi said the opportunity provided by the refinery’s public offer goes beyond simply buying and selling shares for short-term gains.
According to him, shareholders are the owners of a company and are therefore positioned to benefit from its profits when returns are distributed.
“It is the shareholders who own it. It is the shareholders who take the returns. It is the shareholders who own the profits,” Sanusi said during the Kano roadshow.
He encouraged Nigerians, particularly people in Kano, to participate in the capital market and develop a culture of investing in productive businesses.
Sanusi said his interest in the refinery was also connected to the broader economic importance of increasing domestic production and reducing Nigeria’s dependence on imported refined petroleum products.
Reflecting on his experience in banking and his time as CBN governor, he said Nigeria had historically exported crude oil only to spend significant foreign exchange importing petroleum products.
He argued that the emergence of a large domestic refinery could change that pattern by allowing Nigeria to refine crude locally and potentially export refined products. (Channels Television)
A ₦2.15 Trillion IPO
The Dangote Refinery public offer comprises 4.1 billion ordinary shares priced at ₦525 per share. If fully subscribed, the offer could raise approximately ₦2.15 trillion.
The IPO opened on September 14, 2026, and is scheduled to close on October 13. The minimum subscription is 10 shares, costing ₦5,250 at the offer price. (Reuters)
The relatively low minimum subscription is intended to make the offer accessible to a broad range of investors. Dangote Industries President Aliko Dangote previously described the transaction as an “IPO for the people,” saying drivers, cooks, traders, domestic workers and managers would have an opportunity to own shares in the refinery.
The refinery, which was built at a reported cost of about $20 billion, has a stated capacity of 700,000 barrels per day. Reuters reported that proceeds from the IPO are intended partly to support an expansion that could eventually increase capacity to 1.4 million barrels per day.
Sanusi Warns Investors to Be Responsible
While strongly encouraging broader participation, Sanusi stressed that Nigerians should not make financially reckless decisions to acquire shares.
“Do not take your children’s school fees and put in shares. Do not sell the house that you live in and put in shares,” he said, advising prospective investors to use money they could afford to set aside for a period of time.
His warning is significant because shares are investments and do not come with guaranteed returns. The official Dangote IPO website similarly warns that the value of an investment can rise or fall and that investors may not recover the amount they invest. (Dangote IPO)
Sanusi's comments therefore combine a call for greater financial participation with a warning against treating the IPO as a guaranteed route to quick profits.
What the IPO Means for Nigerian Investors
If shares are allotted to an investor, that person becomes a shareholder in Dangote Petroleum Refinery and Petrochemicals FZE.
The official IPO information states that shareholders may receive dividends if and when dividends are declared, but dividends are not guaranteed. Investors are therefore expected to consider the company's business prospects, financial information, risks and the terms contained in the approved prospectus before subscribing.
For Nigeria's capital market, the transaction also represents a major opportunity to broaden retail participation. Reuters described it as Africa's largest IPO, with the refinery valued at approximately ₦63 trillion at the offer stage.
Investors Warned Against Fraud
The Securities and Exchange Commission has urged Nigerians to exercise caution when subscribing for Dangote Refinery shares.
The regulator said investors should use only officially designated and approved receiving agents, subscription channels and platforms. It also warned against unsolicited WhatsApp messages, social-media advertisements, emails and other offers promising guaranteed allotments or preferential treatment. (SEC Nigeria)
Investors are also advised to read the approved prospectus and verify that any capital-market operator or platform they use is authorised by the SEC.
The official Dangote IPO portal likewise says subscriptions should be made only through approved channels and warns investors never to provide their PIN, password or OTP to anyone claiming to facilitate the offer.
A Question of Long-Term Ownership
Sanusi's appeal comes as the Dangote Refinery seeks to widen ownership beyond its original promoters and institutional investors.
His central argument is that Nigerians should not merely consume products produced by major domestic companies but should also have opportunities to participate in their ownership through the capital market.
The IPO, however, remains an investment decision for each individual, and Sanusi's warning underscores the importance of using funds that can be committed without jeopardising essential financial obligations.
With the offer open until October 13, prospective investors have time to study the prospectus, understand the risks and determine whether the investment fits their own financial circumstances.
For Sanusi, the broader objective is clear: greater Nigerian participation in productive assets could help deepen the capital market while giving citizens a direct stake in major businesses operating within the country's economy.