The Emir of Kano, Khalifa Muhammadu Sanusi II, has urged individuals, entrepreneurs and businesses in Kano State to take advantage of the Dangote Petroleum Refinery and Petrochemicals Limited Initial Public Offering, IPO, describing equity ownership as a means of long term wealth creation and economic empowerment.

Sanusi spoke at the Dangote Refinery “People’s IPO” sensitisation roadshow in Kano, where he said the state’s long history of commerce, enterprise and investment positioned its people to benefit from participation in the capital market.

The Emir said he had followed the growth 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 Nigeria’s large population.

Recalling his experience as a Credit Risk Management Officer at United Bank for Africa in the late 1990s, Sanusi said he interacted with Aliko Dangote when the company was moving from trading and importation into large scale manufacturing.

He said what was initially viewed by some as an unusual use of short term financing for long term industrial investment reflected Dangote’s determination to build productive capacity and reduce Nigeria’s dependence 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 recalled.

The Emir described the refinery as a landmark project capable of changing Nigeria’s economic structure, particularly its dependence on imported petroleum products despite the country’s position as one of Africa’s major crude oil producers.

Drawing on his experience as a former Governor of the Central Bank of Nigeria, Sanusi said fuel imports had historically placed pressure on Nigeria’s foreign exchange reserves, with the country earning foreign exchange from crude oil exports while spending a significant portion on imported refined products.

“What Aliko has done is disrupt that model,” he said, adding that domestic refining could reduce import dependence and position Nigeria to export refined petroleum products.

He cited reports of European airlines purchasing aviation fuel from the refinery during disruptions associated with the Strait of Hormuz crisis as an indication of the facility’s growing relevance in international energy markets.

Responding to concerns about market dominance, Sanusi challenged critics of the refinery to pursue investment in competing productive ventures rather than relying on criticism.

“There is no monopoly if a monopoly is not protected by law. 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,” he said.

The Emir also urged Nigerians to direct more investment towards productive ventures capable of generating jobs, creating value and supporting economic growth, rather than focusing mainly on speculative activities or overseas assets.

He described the Dangote Refinery IPO as an opportunity for Nigerians to become part owners of a major industrial project.

“It is the shareholders who own it. It is the shareholders who take the returns. It is the shareholders who own the profits,” Sanusi said.

While encouraging prospective investors to participate, he advised them to invest responsibly and take a long term view, cautioning against committing funds needed for essential family obligations.

Sanusi urged Kano residents to embrace the capital market, saying broad participation in the IPO could expand investment ownership, deepen financial inclusion and give Nigerians a stake in a major national industrial asset.