The Dangote Petroleum Refinery and Petrochemicals Limited has continued to attract interest, as the Emir of Kano, Khalifa Muhammadu Sanusi II, said the company’s initial public offer (IPO) will help spread wealth across Nigeria.
The Emir who spoke on Thursday during the Refinery’s “People’s IPO” roadshow in Kano, dismissed criticisms against the project, challenging detractors to replicate its scale by raising the estimated $22 billion required to build a competing refinery in the country.
He passionately advocated for a broader Nigerian participation in the company’s IPO as a pathway to wealth creation and economic inclusion.
Addressing a gathering made up of investors, business leaders, professionals and members of the public, the former Central Bank Governor described the refinery as one of the most significant industrial projects in Africa’s history, urging Kano residents to seize the opportunity to become shareholders.
Equity ownership, the Emir said, represents one of the most effective means through which ordinary citizens can participate directly in national economic growth and to build long-term financial security.
“Kano is a commercial city with a long tradition of trade, investment and entrepreneurship. Our people understand business, and they should understand the value of owning shares in productive enterprises,” he said.
Drawing from personal experience, Sanusi recounted his interactions with the Chairman of Dangote Group, Aliko Dangote, during his banking career in the late 1990s when Dangote Group was evolving from a trading company into a manufacturing powerhouse.
The Emir revealed that many observers at the time questioned Dangote’s strategy of deploying short-term financing to support long-term industrial investments.
He noted, however, that what critics considered risky was actually a demonstration of strategic foresight and a deep commitment to transforming Nigeria’s productive capacity.
Recalling the philosophy that drove the company’s industrial expansion, the monarch said the vision was anchored on a simple principle: producing domestically what Nigerians consume daily, instead of relying excessively on imports.
“Somebody needs to produce the petrol for your cars. Somebody needs to produce the cement to build your houses. Somebody needs to produce the food you eat. We are importing these things from Asia, Europe and America. Our strategy is to produce those things locally here,” he stated.
The Emir described the Dangote Refinery as a game-changing investment that could fundamentally alter the structure of the Nigerian economy by reducing dependence on imported petroleum products and preserving foreign exchange.
Drawing on his experience at the nation’s apex bank, Sanusi explained that Nigeria had historically earned foreign exchange through crude oil exports, only to expend a substantial portion of it by importing refined fuel.
“What Aliko has done is disrupt that model,” he said, adding that the emergence of a world-class refinery on Nigerian soil positions the country not merely as an exporter of crude oil, but as a major supplier of refined petroleum products to regional and international markets.
As evidence of the refinery’s growing global relevance, Emir Sanusi cited reports that European airlines had sourced aviation fuel from the facility during recent supply disruptions linked to tensions around the Strait of Hormuz, underscoring its ability to compete effectively on the global stage.
Sanusi also addressed concerns raised by critics who accused the refinery of seeking market dominance.
The monarch firmly rejected such claims, arguing that competition remains open to anyone willing to undertake the financial and operational challenges associated with large-scale refining.
“There is no monopoly if a monopoly is not protected by law,” he declared.
“Anybody who wants to raise $22 billion to invest in building a refinery and go through what Aliko went through is welcome to do so,” he said.
The comment drew applause from participants at the roadshow, many of whom viewed the statement as a direct response to persistent criticisms of the refinery’s market influence and dominance.
The Emir stressed that Nigeria’s economic future depends on encouraging more investments in productive industries capable of creating jobs, generating exports and strengthening local value chains.
He warned against a culture that prioritises speculation and the accumulation of overseas assets at the expense of domestic industrial development, describing the Dangote Refinery IPO as a historic opportunity for millions of Nigerians to own a stake in one of Africa’s most strategic industrial assets.
“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 broad participation, the respected traditional ruler advised prospective investors to approach the market responsibly, urging citizens to invest only funds they could afford to commit for the long term and not resources earmarked for essential family needs.
Sanusi called on Kano residents and Nigerians generally to embrace the capital market and take advantage of the IPO, arguing that widespread ownership would democratise wealth generation and deepen public participation in national economic development.
He said broader participation in the Dangote Refinery IPO would not only reward investors financially, but also strengthen local ownership of critical national infrastructure, expand financial inclusion and ensure that the benefits of industrialisation are shared more widely across the country.
“The opportunity is here. The question is whether you will participate,” the Emir told the audience.
The Dangote Petroleum Refinery IPO roadshow, tagged “Kano Grand Homecoming,” brought together leading figures from Nigeria’s business, investment and financial sectors, including the President of Dangote Industries Limited, Aliko Dangote; Managing Director of Financial Derivatives Company, Bismarck Rewane; CEO of CFG Advisory, Adetilewa Adebajo, and other capital market stakeholders.
