IPO: Emir Sanusi responds to critics of Dangote refinery

The Emir of Kano, His Royal Highness Khalifa Muhammadu Sanusi II, has urged individuals, entrepreneurs and businesses across Kano State to take advantage of the initial public offering (IPO) of the Dangote Oil Refinery and Petrochemicals, describing share ownership as a powerful vehicle for long-term wealth creation and economic empowerment.

Speaking at the Dangote Refinery “People’s IPO” awareness roadshow in Kano, the revered monarch said Kano’s rich history of trade, enterprise and investment has enabled its people to benefit greatly from participation in the capital market.

Sanusi noted that he had closely followed the evolution of the Dangote Group since its formative years and described the refinery as the culmination of a long-standing vision to produce in Nigeria the products needed to serve its vast population.

Reflecting on his early career as a credit risk management manager at United Bank for Africa (UBA) in the late 1990s, he recalled working with Aliko Dangote at a time when the company was transitioning from trading and importation to large-scale manufacturing.

According to the emir, what many initially saw as an unusual strategy of using short-term financing to pursue long-term industrial investments was, in fact, evidence of Dangote’s determination to build productive capacity and reduce Nigeria’s dependence on imports.

He explained that the industrial vision was based on a simple but compelling economic principle: locally producing the goods that Nigerians consume daily rather than importing them from abroad.

“Someone has to produce the gasoline for your cars, someone has to produce the cement for your houses, someone has to produce the food you eat. We are importing these things from Asia, Europe and America. Our strategy is to produce them here,” he recalled.

The emir described the Dangote refinery as a landmark project capable of transforming Nigeria’s economic structure, particularly its long-standing dependence on imported petroleum products, despite being one of Africa’s leading crude oil producers.

Drawing on his experience as a former governor of the Central Bank of Nigeria, Sanusi noted that fuel imports have historically put substantial pressure on the country’s foreign exchange reserves, as Nigeria earned foreign exchange from crude oil exports only to spend a significant portion on the import of refined products.

“What Aliko did was disrupt that model,” he said, noting that domestic refining would not only reduce dependence on imports but also position Nigeria as an exporter of refined petroleum products.

He highlighted the refinery’s growing international relevance, citing reports of European airlines purchasing jet fuel from the facility during outages related to the Strait of Hormuz crisis, a development he said demonstrates the refinery’s ability to serve global energy markets.

Responding to concerns about market dominance, the emir argued that the solution is not criticism but increased investment in productive industries.

“There is no monopoly if a monopoly is not protected by law. Anyone who wants to build a refinery, anyone who wants to raise $22 billion, invest and do what Aliko went through is welcome,” he said.

Sanusi also encouraged Nigerians to channel investments into productive ventures that generate jobs, value and economic growth rather than focusing primarily on speculative activities or overseas assets.

He described the Dangote Refinery IPO as a unique opportunity for Nigerians to become part owners of one of Africa’s most significant industrial projects.

“It’s the shareholders who own it. It’s the shareholders who take the returns. It’s the shareholders who own the profits,” he said.

While encouraging participation, the emir advised potential investors to invest responsibly and maintain a long-term perspective, cautioning against tying up funds needed for essential family obligations.

Calling on Kano residents to seize the opportunity, he said: He urged citizens to embrace the capital market, stressing that broad participation in the Dangote Refinery IPO would not only create wealth for investors but also deepen financial inclusion and strengthen local ownership of domestic industrial assets.