The Emir of Kano, Muhammadu Sanusi II, has urged Nigerians considering the Dangote Refinery share offer to preserve their homes and children’s education funds, stressing that investment should be made with money they can afford to set aside.

Speaking at the refinery’s Initial Public Offering investor roadshow in Kano on Thursday, Sanusi encouraged participation in the capital market but cautioned against sacrificing essential household needs to purchase 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.

The Emir explained that prospective investors could start with modest sums, including ₦10,000, ₦20,000 or ₦30,000, depending on their financial circumstances and ability to leave the money invested for some time.

He expressed confidence in the investment’s long-term prospects, citing economic fundamentals, while encouraging investors to approach share ownership patiently.

The Kano roadshow formed part of investor outreach for the Dangote Refinery IPO, which opened on September 14.

Sanusi urged residents to consider becoming shareholders in the company founded by Kano-born businessman Aliko Dangote. He said greater participation would help ensure that people in the state were included in opportunities available through the capital market.

“I speak as the Emir of Kano, I would like my people to be owners of this company,” he said.

“I do not want us to be left behind in the capital markets. I do not want us to be left behind in financial inclusion.”

He also called on representatives of unions and other organisations to explain the investment opportunity to their members.

Addressing expectations about returns, Sanusi discouraged the idea of purchasing shares with the intention of selling immediately for a substantial profit.

He said his appeal was directed at people prepared to hold their investments over a longer period. Referring to a five-year horizon, he expressed optimism about the potential future value of sums such as ₦10,000 or ₦100,000 invested today.

The Emir also addressed concerns about the refinery’s location, explaining that investors did not need to live near the facility to hold an ownership stake.

He emphasised that shareholders own a company and participate in its financial returns, regardless of where its physical operations are situated.

“It doesn’t matter where the refinery is located. It could be located in Lagos, or Ibadan, or on the moon. It is the shareholders who own it,” he said.

Sanusi described Dangote as a son of Kano and characterised the engagement as a homecoming for the businessman.

In light-hearted remarks, he noted that other places were eager to associate themselves with Dangote’s achievements, while stressing the businessman’s roots in Kano.

“We are happy to share him, but please do not take him away from us,” he said.

Discussing the business’s operations, Sanusi pointed to its visible assets and industrial activities, mentioning refined petroleum products and fertiliser.

He also highlighted direct and indirect employment opportunities and said the business had secured gas supply, access to port facilities and markets for its products.

His remarks combined support for wider share ownership with a clear caution: prospective investors should protect their accommodation and children’s schooling when deciding how much to commit.

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Africans Can Own Dangote Refinery Shares with ₦5,250 Minimum Investment

Dangote Petroleum Refinery and Petrochemicals is opening its ownership to retail investors across Nigeria and other African markets through an initial public offering expected to raise about ₦2.15 trillion.

Under the offer, the company will sell 4.1 billion ordinary shares at ₦525 per share. Investors must purchase a minimum of 10 shares, placing the lowest subscription amount at ₦5,250.

The public offer is scheduled to open on September 14 and close on October 13, 2026. The shares are expected to begin trading on the Nigerian Exchange in November, subject to the completion of the listing process.

Nigerian retail investors will be able to submit applications through a designated electronic platform, while qualified investors in other African countries will use a separate distribution channel.

The Securities and Exchange Commission has reportedly approved the offer, which is expected to become Africa’s largest initial public offering if fully subscribed.

Dangote Refinery is projected to raise approximately ₦2.1525 trillion before expenses. After estimated transaction costs of ₦41.49 billion, the company expects to retain about ₦2.111 trillion.

The net proceeds will support part of the refinery’s proposed expansion programme.

Dangote currently operates refining capacity of about 700,000 barrels per day and plans to add another 700,000 barrels, potentially increasing total capacity to approximately 1.4 million barrels per day by 2029.

The expansion is estimated to cost $14.3 billion. Because the IPO proceeds will cover only part of the projected expenditure, the company will require additional financing as construction progresses.

The share price places Dangote Refinery’s indicative market capitalisation at about ₦65.22 trillion upon listing, compared with a stated pre-listing valuation of approximately ₦63.07 trillion.

For Aliko Dangote, the offer is designed to raise long-term growth capital while giving more Africans an opportunity to hold shares in one of the continent’s largest industrial assets.

However, prospective investors will need to examine the final prospectus, the company’s earnings, operational risks, expansion costs and the valuation attached to the business before subscribing.

The refinery began operations in 2024 and has since expanded Nigeria’s domestic production of petrol, diesel, aviation fuel and other petroleum products. It also exports refined products to African and international markets.

The public offer represents a significant shift in the ownership structure of the privately developed refinery and could deepen retail participation in Nigeria’s capital market.

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Nigeria’s industrial landscape is on the brink of a historic financial milestone as the Dangote Petroleum Refinery & Petrochemicals prepares to launch what could become Africa’s largest initial public offering (IPO), with plans to raise up to $5 billion from investors.

The move, driven by Africa’s richest man, Aliko Dangote, signals a new phase in the evolution of the continent’s capital markets, as the refinery positions itself for broader ownership and increased investor participation.

Sources familiar with the transaction indicate that the public offer could open as early as May, with the company currently valued between $40 billion and $50 billion. The IPO is expected to release between 5 and 10 percent of the company’s equity, creating room for both domestic and international investors to take part in one of Africa’s most significant industrial ventures.

Market analysts say the listing could deepen liquidity across African exchanges and serve as a benchmark for cross-border capital mobilisation.

To structure the offering, the Dangote Group has assembled a consortium of financial advisers. Stanbic IBTC Capital will coordinate international placements and investor relations, while Vetiva Capital Management will handle retail distribution within Nigeria. FirstCap has been tasked with managing institutional investor participation, particularly among pension funds.

The refinery, located in the Ibeju Lekki Free Zone, remains the world’s largest single-train crude processing facility. Built at a cost of $20 billion, it was commissioned in 2023 and began operations in 2024 after nearly a decade of construction.

With a processing capacity of approximately 650,000 barrels per day, the facility has already begun reshaping fuel supply dynamics in Nigeria and across Africa. It currently meets between 35 and 50 percent of Nigeria’s domestic petrol demand, while exports to other African markets continue to expand.

In recent months, the refinery has shipped multiple cargoes of refined petroleum products across the continent, reflecting rising demand amid global supply chain disruptions.

Beyond fuel production, the facility produces up to three million metric tonnes of urea fertiliser annually, supporting agricultural productivity and food security across the region. Expansion plans are also underway to scale up polypropylene production, a key input in manufacturing sectors such as packaging, textiles, and consumer goods.

Financial backing for the project has been significant, with the African Export-Import Bank underwriting $2.5 billion of a $4 billion syndicated loan. According to the bank’s leadership, investments of this scale are critical to strengthening Africa’s economic resilience and driving long-term growth.

The refinery’s economic footprint is already substantial, with over 150,000 direct and indirect jobs created, alongside extensive technical training programmes for Nigerian engineers.

Projections from the International Monetary Fund suggest the refinery could boost Nigeria’s non-oil GDP by 1.5 percent and increase foreign exchange earnings by up to $5.5 billion.

As production ramps up, Nigeria is expected to transition from a net importer of refined petroleum products to a net exporter—marking a major shift in its energy balance.

Regulators, including the Securities and Exchange Commission, are currently reviewing a proposed share structure that would allow investors to purchase shares in naira while receiving dividends in US dollars. The model is designed to attract foreign capital while hedging against currency volatility.

The company is expected to file its prospectus in April, followed by a nationwide investor roadshow. Subject to regulatory approvals and market conditions, trading could commence on the Nigerian Exchange Group between June and July.

Market watchers describe the planned listing as a defining moment for Africa’s financial ecosystem, highlighting the continent’s growing capacity to fund large-scale industrial projects internally.

If successful, the Dangote Refinery IPO could set a new benchmark for capital raising in Africa—while reinforcing Nigeria’s position as a key player in global energy markets.

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