Emir of Kano, Muhammadu Sanusi II, has advised Nigerians interested in the Dangote Petroleum Refinery’s initial public offering to invest only money they can afford to leave untouched.

Sanusi gave the advice during the refinery’s IPO roadshow in Kano, where investors, stockbrokers, bankers, business leaders, traditional rulers and prospective shareholders gathered.

The former Central Bank of Nigeria governor specifically warned Nigerians against selling their homes or diverting funds meant for their children’s education into the share offer.

He encouraged potential investors to start with affordable amounts, citing ₦10,000, ₦20,000 and ₦30,000 as examples of sums that could be invested without putting essential needs at risk.

According to Sanusi, investors should approach the offer with a long-term mindset rather than buying shares with the expectation of making quick profits.

He also encouraged Kano residents to participate in the offer, saying they should take advantage of the opportunity to become shareholders in a major Nigerian company. He, however, stressed that the investment should be allowed to grow over time rather than being treated as a short-term trading opportunity.

Sanusi also praised Dangote Group President, Aliko Dangote, for the refinery’s potential impact on Nigeria’s petroleum industry.

Reflecting on his time as CBN governor, he said Nigeria had historically used foreign exchange earned from crude oil exports to pay for imported refined petroleum products. He argued that increased domestic refining could help change that pattern by reducing reliance on imported petroleum products.

The Dangote Refinery IPO opened on September 14, 2026, with 4.1 billion new ordinary shares offered at ₦525 each. The minimum subscription is 10 shares, costing ₦5,250.

The offer is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus. It is open to retail and institutional investors as well as eligible investors across Africa.