Emir of Kano, Muhammadu Sanusi II, has advised Nigerians interested in buying shares in the Dangote Petroleum Refinery not to risk essential family needs to acquire the investment.
Sanusi sounded this note of warning in Kano during the roadshow for the initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE.
The Emir, who is also a former governor of the Central Bank of Nigeria, warned prospective investors against selling their houses or using money meant for their children’s school fees to buy shares.
He urged them to invest only what they could afford to leave untouched for some time.
Sanusi said investors could start with modest amounts rather than commit funds they could not afford to lose or lock away.
The monarch urged investors to view the share purchase as a long-term investment rather than a means of making quick profits.
He said, “Do not take your children’s school fees and put your shares. Do not sell your house that you live in and put in shares, but what you can afford — 10,000, 20,000, 30,000.
“What you can afford to set aside for some time, set it aside, and if you look at the fundamentals of the economy over time, you can be assured that this investment will grow.”
The monarch also urged Kano residents to participate in the capital market and become shareholders in the refinery.
But he cautioned against buying shares with the intention of immediately selling them for a quick gain.
He said, “I speak as Emir of Kano. I would like my people to be owners of this. I do not want us to be left behind in the capital markets.
“And I’m not talking about someone who will buy 5,000 shares and wants to sell tomorrow and believes you get 10,000. No, I’m talking about you have some money, put it in, leave it there for some time, and just watch your money grow.”
Using ₦10,000 and ₦100,000 as examples, the former CBN governor encouraged investors to consider the potential of allowing their investments to grow over several years.
Sanusi further advised Nigerians seeking to build wealth through the capital market to consider companies with strong economic fundamentals and tangible assets.
He said, “Forget about it for some time. You’ll be surprised in five years, the ₦10,000 you invest today, what it will be. The ₦100,000 you invest will be.
“So I would urge all of us to try to begin the process of owning, and if you’re going to own, you might as well own in a company that has the right economic fundamentals, a company that is producing; you can see the assets on the ground.”
He also urged Kano residents to support Dangote, whom he described as their “son”, and said the city’s history of producing successful entrepreneurs reflected its longstanding culture of risk-taking, hard work and enterprise.
