The Emir of Kano, Muhammadu Sanusi II, has urged residents and business owners in Kano State to take advantage of the Initial Public Offering (IPO) of the Dangote Petroleum Refinery and become shareholders in the multi-billion-dollar investment.
Sanusi made the call on Thursday in Kano at the launch of the refinery’s share subscription scheme, organised specifically to allow members of the Kano business community to own shares in the industrial project.
The former Central Bank of Nigeria governor said the offer represented an opportunity for Kano residents to participate directly in the ownership and growth of one of Nigeria’s major industrial investments.
He noted that Kano’s position as one of Africa’s major commercial centres places the state in a strong position to develop into a larger industrial and trading hub if its merchants and residents embrace productive investments such as the Dangote Refinery.
Sanusi commended Aliko Dangote for opening up ownership of the refinery to Nigerians through the share offer, describing the initiative as an important step towards increasing local participation in Nigeria’s industrial economy.
According to him, the Dangote Refinery IPO marks a departure from the traditional pattern where large-scale industrial assets are predominantly controlled by a limited number of wealthy investors and institutional shareholders.
He said wider participation in the share offer would allow ordinary Nigerians, particularly residents of Kano with business and investment capacity, to benefit from the growth of the enterprise.
The Emir further noted that the initiative comes at a time when efforts are being intensified to deepen retail participation in Nigeria’s capital market and expand domestic ownership of major enterprises.
He urged Kano residents to view the opportunity from a long-term investment perspective and consider participating in the share subscription.
The Dangote Petroleum Refinery, located in Lagos, is one of Africa’s largest oil refineries and has become a major component of Nigeria’s efforts to expand domestic refining capacity and reduce dependence on imported petroleum products.
