By Samuel Solomon
The Emir of Kano, Muhammadu Sanusi II, has warned prospective investors against using their children’s school fees or selling their homes to invest in shares.
Sanusi gave the warning on Thursday while speaking at the Dangote Refinery Initial Public Offering investor roadshow in Kano.
He urged Kano residents and other prospective investors to invest only money they could afford to set aside for some time, saying they could consider amounts such as N10,000, N20,000 or N30,000.
He said, “Do not take your children’s school fees and put in shares, Do not sell the 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, and you will not regret it.”
The Emir was speaking as part of the ongoing investor outreach for the Dangote Refinery IPO, which opened on September 14.
Sanusi urged Kano residents to participate in the capital market, saying they should seek to become shareholders in the refinery founded by Kano-born businessman, Aliko Dangote.
“I speak as the Emir of Kano, I would like my people to be owners of this company.
“I do not want us to be left behind in the capital markets. I do not want us to be left behind in financial inclusion. So this is the time and this is the opportunity,” he said.
The Emir also urged representatives of unions and other groups to educate their members about the opportunity to invest.
He advised prospective investors to adopt a long-term approach rather than buying shares in anticipation of quick profits.
“And I’m not talking about someone who will buy 5,000 shares and want to sell tomorrow and believe he will 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.
“Forget about it for some time. You’ll be surprised in five years the 10,000 Naira you invest today, what it will be. The 100,000 Naira you invest, what it will be,” Sanusi said.
Sanusi also said the location of the refinery should not discourage Kano residents from investing, stressing that shareholders, rather than the location of the facility, determine ownership of the company.
“It doesn’t matter where the refinery is located. It could be located in Lagos, or Ibadan, or on the moon. It is the shareholders who own it.
“It is the shareholders who own it. It’s the shareholders who take the return. It is the shareholders who own the profit,” he said.
The Emir described Dangote as a son of Kano and urged residents to take advantage of the IPO to have a stake in the company.
“We have heard Lagos claim Aliko. I know very soon even Egypt will claim him, America will claim him. But we all know where he comes from,” Sanusi said.
He added, “I would like to say that this is his grand homecoming. We are happy to donate him.
“We are happy to share him, but please do not take him away from us.”
Sanusi also highlighted the refinery’s operations, saying prospective shareholders could see the assets and activities of the company, including its production of refined petroleum products and fertiliser.
He said the refinery was also creating direct and indirect jobs and had secured its gas supply, port access and markets.
