The Emir of Kano, Muhammadu Sanusi II, has urged individuals, entrepreneurs and businesses in Kano State to take advantage of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals Limited.
The Independent Mirror reports that the monarch described equity ownership as a means of creating long-term wealth and promoting economic empowerment among residents.
Sanusi made the call on Thursday while speaking at the Dangote Refinery “People’s IPO” sensitisation roadshow held in Kano.
He said Kano’s long history of commerce, entrepreneurship and investment placed its residents in a strong position to benefit from participating in the capital market.
The Emir said he had followed the evolution of the Dangote Group from its early years and described the refinery as the culmination of a long-standing vision to produce locally the products required by Nigerians.
He recalled his experience as a Credit Risk Management Officer at United Bank for Africa (UBA) in the late 1990s, when he interacted with Aliko Dangote as the company was transitioning from trading and importation to large-scale manufacturing.
According to Sanusi, what was initially viewed by some as an unusual strategy of using short-term financing to support long-term industrial investment reflected Dangote’s determination to build productive capacity and reduce Nigeria’s dependence on imports.
He said the strategy was based on the principle of producing locally the goods Nigerians consume rather than relying heavily on imported products.
The former Governor of the Central Bank of Nigeria (CBN) described the Dangote Refinery as a major industrial project capable of transforming Nigeria’s economic structure, particularly by reducing the country’s dependence on imported petroleum products.
He therefore encouraged Kano residents and other Nigerians with the financial capacity to consider participating in the IPO, stressing the potential of equity ownership to contribute to long-term wealth creation and broader economic participation.
