Emir of Kano Muhammadu Sanusi II warned prospective investors against selling their homes or using their children’s school fees to buy shares. He spoke on Thursday at the Dangote Refinery Initial Public Offering investor roadshow in Kano.
Sanusi addressed Kano residents and other interested parties. He urged them to invest only money they could afford to set aside for some time. He suggested amounts such as N10,000, N20,000 or N30,000.
Sanusi 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.”
He continued: “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.”
Sanusi further explained his position. He said investors should place spare funds into the shares and leave them untouched. He added that people should simply watch the money grow over time.
He stated: “Forget about it for some time. You’ll be surprised in five years by the 10,000 Naira you invest today, what it will be. The 100,000 Naira you invest, what it will be.”
The Emir backed wider local participation in the industrial project. He noted that the shares offered an opportunity for residents to take part in productive investment. The Dangote Petroleum Refinery and Petrochemicals public offer opened earlier and remained open for subscriptions at the time of his remarks.
