L-R: Managing Director/CEO, Financial Derivatives Company, Bismarck Rewane; President/CE, Dangote Industries Limited, Aliko Dangote; Emir of Kano, His Highness, Muhammadu Sanusi II (Special Guest of Honour & Chairman); at the Dangote Petroleum Refinery IPO Roadshow tagged “Kano Grand Homecoming” in Kano on September 17, 2026.
By Peace Udugba
Emir urges Nigerians to embrace share ownership and invest in productive enterprises
The Emir of Kano, Muhammadu Sanusi II, has defended the Dangote Petroleum Refinery against criticism over its market influence, challenging those opposed to the project to raise the estimated $22 billion required to build a competing refinery.
Sanusi spoke on Thursday at the Dangote Refinery “People’s IPO” roadshow in Kano, where he urged Nigerians, particularly Kano residents, to participate in the Initial Public Offering and become shareholders in the refinery.
The former Governor of the Central Bank of Nigeria described the Dangote Refinery as one of the most significant industrial projects in Africa, arguing that broad ownership through the capital market could create opportunities for Nigerians to participate directly in the country’s economic growth.
“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.
Sanusi recalled his interactions with Aliko Dangote during his banking career in the late 1990s, when the Dangote Group was transitioning from a trading company into a major manufacturing conglomerate.
He said some observers had questioned the use of short-term financing to support long-term industrial investments at the time, but described Dangote’s approach as a demonstration of strategic vision and commitment to expanding Nigeria’s productive capacity.
According to the Emir, the underlying philosophy was to produce locally the goods Nigerians consume rather than depend heavily on imports.
“Somebody needs to produce the petrol for your cars, somebody needs to produce the cement for your houses, somebody needs to produce the food that you eat. We are importing these things from Asia, Europe and America. Our strategy is to produce those things here,” he said.
Sanusi said the Dangote Refinery could help transform Nigeria’s economic structure by reducing dependence on imported petroleum products and easing pressure on the country’s foreign exchange resources.
Drawing on his experience at the apex bank, he said Nigeria had historically earned foreign exchange from crude oil exports while spending a significant portion of it importing refined petroleum products.
“What Aliko has done is disrupt that model,” he said.
The Emir said the refinery’s emergence has positioned Nigeria to move beyond crude oil exports and become a supplier of refined petroleum products to regional and international markets.
He also cited reports that European airlines had sourced aviation fuel from the refinery during recent supply disruptions associated with tensions around the Strait of Hormuz, saying this demonstrated the facility’s growing relevance in the international market.
Sanusi Challenges Refinery Critics
Addressing criticism that the Dangote Refinery could dominate the domestic market, Sanusi argued that other investors remained free to establish competing refineries.
“There is no monopoly if a monopoly is not protected by law,” he declared.
“Anybody who wants to build a refinery, anybody who wants to raise $22 billion, invest and go through what Aliko went through is welcome to do so.”
The statement drew applause from participants at the roadshow.
Sanusi said Nigeria needed more investments in productive industries capable of creating employment, generating exports and strengthening local value chains.
He cautioned against excessive emphasis on speculation and the accumulation of overseas assets at the expense of domestic industrial development.
Emir Urges Nigerians to Buy Shares
The traditional ruler described the Dangote Refinery IPO as an opportunity for Nigerians to own a stake in what he called a strategic industrial asset.
“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.
However, Sanusi advised prospective investors to approach the investment responsibly, urging them to commit only funds they could afford to invest for the long term and not money needed for essential family expenses.
He said wider participation in the IPO could deepen financial inclusion, increase local ownership of critical infrastructure and allow more Nigerians to participate in the benefits of industrialisation.
“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,” attracted business leaders, investors, professionals and capital market stakeholders.
Those in attendance included Aliko Dangote, President of Dangote Industries Limited; Bismarck Rewane, Managing Director of Financial Derivatives Company; Adetilewa Adebajo, Chief Executive Officer of CFG Advisory; and other stakeholders in Nigeria’s capital market.
