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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A three-member panel, led by Justice Okon Abang, unanimously ruled to suspend the enforcement of the January 10 judgment, which had previously vacated the nullification of Sanusi II’s appointment.

Key Rulings from the Appeal Court
The January 10 judgment held that the nullification of Sanusi II’s appointment by a Kano State High Court was made without jurisdiction and ordered the case’s transfer.
The Federal High Court in Kano, in June 2024, had nullified the Kano Emirates Council (Repeal) Law 2024, which reinstated Sanusi II as Emir.

The appellate court ruled that the chieftaincy dispute should have been handled by the Kano State High Court and not the Federal High Court.
The Court of Appeal awarded N500,000 in costs against Aminu Baba-Dan’Agundi in favor of the Kano State House of Assembly.
Legal Implications
Justice Abang emphasized that the case must be preserved because Sanusi II served as Emir for five years before his removal. The ruling also underscores that chieftaincy and legislative disputes should be handled at the state high court level, not federal courts.

The matter now awaits Supreme Court determination.

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