Dangote Refinery IPO: Emir of Kano dares Critics, spoils for 'War with Enemies'

The Emir of Kano, His Royal Highness Khalifa Muhammadu Sanusi II, on Thursday mounted a spirited defence of the Dangote Petroleum Refinery and Petrochemicals Limited IPO, dismissing criticisms of the project and challenging detractors to replicate its scale by raising the estimated $22 billion required to build a competing refinery.

His remarks came during the Dangote Refinery “People’s IPO” roadshow in Kano, where he passionately advocated broader Nigerian participation in the company's Initial Public Offering (IPO) as a pathway to wealth creation and economic inclusion.

Addressing a gathering of investors, business leaders, professionals and members of the public, the former Central Bank Governor described the refinery as one of the most significant industrial projects in Africa's history and urged Kano residents to seize the opportunity to become shareholders.

According to the Emir, equity ownership represents one of the most effective means through which ordinary citizens can participate directly in national economic growth and build long-term financial security.

“Kano is a commercial city with a long tradition of trade, investment and entrepreneurship. Our people understand business, and they should understand the value of owning shares in productive enterprises,” he said.

Drawing from personal experience, Sanusi recounted his interactions with Aliko Dangote during his banking career in the late 1990s when Dangote Group was evolving from a trading company into a manufacturing powerhouse.

The Emir revealed that many observers at the time questioned Dangote's strategy of deploying short-term financing to support long-term industrial investments. However, he noted that what critics considered risky was actually a demonstration of strategic foresight and a deep commitment to transforming Nigeria's productive capacity.

Recalling the philosophy that drove the company's industrial expansion, the monarch said the vision was anchored on a simple principle: producing domestically what Nigerians consume daily instead of relying excessively on imports.

“Somebody needs to produce the petrol for your cars, somebody needs to produce the cement for your houses, somebody needs to produce the food that you eat. We are importing these things from Asia, Europe and America. Our strategy is to produce those things here,” he stated.

The Emir described the Dangote Refinery as a game-changing investment that could fundamentally alter the structure of the Nigerian economy by reducing dependence on imported petroleum products and preserving foreign exchange.

Drawing on his experience at the nation's apex bank, Sanusi explained that Nigeria had historically earned foreign exchange through crude oil exports only to expend a substantial portion of it importing refined fuel.

“What Aliko has done is disrupt that model,” he said.

According to him, the emergence of a world-class refinery on Nigerian soil positions the country not merely as an exporter of crude oil but as a major supplier of refined petroleum products to regional and international markets.

As evidence of the refinery's growing global relevance, he cited reports that European airlines had sourced aviation fuel from the facility during recent supply disruptions linked to tensions around the Strait of Hormuz, underscoring its ability to compete effectively on the global stage.

Sanusi also addressed concerns raised by critics who have accused the refinery of seeking market dominance. The monarch firmly rejected such claims, arguing that competition remains open to anyone willing to undertake the financial and operational challenges associated with large-scale refining.

“There is no monopoly if a monopoly is not protected by law,” he declared.

“Anybody who wants to build a refinery, anybody who wants to raise $22 billion, invest and go through what Aliko went through is welcome to do so.”

The comment drew applause from participants at the roadshow, many of whom viewed the statement as a direct response to persistent criticism of the refinery's market influence.

The Emir stressed that Nigeria's economic future depends on encouraging more investments in productive industries capable of creating jobs, generating exports and strengthening local value chains. He warned against a culture that prioritises speculation and the accumulation of overseas assets at the expense of domestic industrial development.

He therefore described the Dangote Refinery IPO as a historic opportunity for millions of Nigerians to own a stake in one of Africa's most strategic industrial assets.

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

While encouraging broad participation, the respected traditional ruler advised prospective investors to approach the market responsibly. He urged citizens to invest only funds they could afford to commit for the long term and not resources earmarked for essential family needs.

In his closing remarks, Sanusi called on Kano residents and Nigerians generally to embrace the capital market and take advantage of the IPO, arguing that widespread ownership would democratise wealth generation and deepen public participation in national economic development.

He said broader participation in the Dangote Refinery IPO would not only reward investors financially but also strengthen local ownership of critical national infrastructure, expand financial inclusion and ensure that the benefits of industrialisation are shared more widely across the country.

“The opportunity is here. The question is whether you will participate,” the Emir told the audience.

The Dangote Petroleum Refinery IPO roadshow, tagged “Kano Grand Homecoming,” brought together leading figures from Nigeria's business, investment and financial sectors, including Aliko Dangote, President of Dangote Industries Limited; Bismarck Rewane, Managing Director of Financial Derivatives Company; Adetilewa Adebajo, CEO of CFG Advisory; and other capital market stakeholders.

Credit Dangote Group PR

Nigeria and the growing Cost of Impunity...

Nigeria's international reputation is influenced not only by its population, economic potential, cultural influence and the achievements of Nigerians around the world but also by the strength of its institutions and by the situation that arises when politically powerful individuals are accused of serious offences. If controversies keep ending without a clear resolution from the institutions concerned, the damage does not stay within Nigeria's borders. A recent example of this can be seen in Osun.

When it was claimed that a viral video had been linked to Senator Francis Fadahunsi, the National Human Rights Commission demanded that he should be suspended and arrested because it regarded the remarks in question as constituting a directive to attack members of the Accord Party. Tony Ojukwu, the Executive Secretary of the NHRC, referred to the alleged statement as "a license to kill" and called for action by the law enforcement agencies. It is not acceptable for an allegation concerning a sitting senator and the possibility of political violence to just vanish after a short period of public outcry. Concerns of a similar nature have also arisen within the National Assembly.

Senator Natasha Akpoti-Uduaghan has levelled serious accusations of corruption, of misusing committee funds, and of using one's influence within the legislature. She has claimed that members of parliament and civil servants shared the operational funds which were intended for committee activities, and there have also been allegations concerning the manner in which oversight and legislative functions are carried out. Additionally, it has been alleged that members of parliament pay between ₦1 million and ₦3 million in order to have bills, motions and petitions introduced in the National Assembly. These claims have provided civil-society organisations with even more grounds for continuing to demand answers.

SERAP is just one of a number of organisations carrying out this work, together with BudgIT, CISLAC, Yiaga Africa, Enough is Enough Nigeria, Connected Development, human-rights groups and investigative newsrooms. In June SERAP requested that Senate President Godswill Akpabio and House Speaker Tajudeen Abbas should refer the allegations concerning more than ₦6.3 billion in constituency-project funds to the EFCC and ICPC so that they could be investigated and possibly prosecuted. These allegations, which came from the Auditor-General of the Federation's 2022 annual report, involved payments to private accounts, procurement irregularities, unrecorded spending and money linked to projects that were said to have been abandoned or not carried out. The broader issue is that while civil society is able to keep bringing problems to light, it is unable to make the necessary consequences happen.

SERAP also required the identification of the contractors and beneficial owners who are alleged to have received public money without carrying out the projects, together with the recovery of any funds found to have been misappropriated. It gave the leadership of the National Assembly seven days in which to take action and threatened to take legal action if no action was taken. This sequence is now something that is well known in Nigeria: an audit revelation, a demand by civil society, another petition, another lawsuit, and then a long period before there is a definite result. The same problem arises when Nigerians simply attempt to get information from their own government.

Nigeria's Freedom of Information Act aimed to increase government openness by ensuring citizens could obtain records kept by public institutions. In reality, journalists, civil-society organizations, and ordinary Nigerians still encounter delays, refusals, and a great deal of bureaucracy when applying for information that should, in many cases, be easily accessible. A right enshrined in law is greatly diminished when citizens must keep fighting public institutions to exercise it. This was particularly clearly shown in the Mary Habila case.

The police looked into the cause of Habila's death and eventually carried out an autopsy. However, members of the public who wanted to know what the investigation had found were told to submit a freedom of information request. For the average person to have to make an FOI request in order to find out about the results of an investigation into a death that was widely discussed makes the transparency law appear to be yet another obstacle between the state and the public. This is all the more noticeable when Nigeria's FOI system is compared with the rights available to powerful Nigerians overseas.

President Bola Tinubu is using the protections provided by the American Freedom of Information Act as legal action continues over the release of U.S. law-enforcement records relating to him. His legal representatives have appealed to the privacy provisions of a system in which agencies must justify their decisions and disputes over disclosure can be referred to independent courts. In Nigeria, people generally face much more difficulty getting information from public institutions under their own FOI law. The difference highlights the institutional confidence Nigeria still needs to build.

It is uncomfortable that a president from Nigeria can benefit from the strength and reliability of transparency mechanisms in another country while citizens in Nigeria struggle to make their own transparency law work. Strong institutions not only protect the government but also give ordinary people real ways to challenge government decisions and request information. Laws gain meaning when relevant agencies follow them, courts enforce them, and citizens know that persistence can lead to results. A similar discrepancy is also seen on the enforcement side in another recent case in the United States.

Lukman Owolabi Ganiyu, a former officer with the USCIS, and Adeniyi Akeem Somoye were recently arrested following allegations by federal authorities of having been involved in a scheme concerning immigration applications and illegal payments. The probe was carried out by the USCIS, the Department of Homeland Security Office of Inspector General, and the FBI, illustrating the way in which institutions can look into individuals who are accused of misusing the system they are supposed to administer. The fact that the two men are of Nigerian origin is a source of discomfort for many Nigerians, but the more significant lesson is the way in which the institutions responded after the allegations were made. Incidents such as this naturally influence the way Nigeria's institutions are viewed in comparison to those in other places.

Nigeria does not appear weak merely because public officials are investigated, questioned or brought to light; it only seems weak when people with political connections are repeatedly able to get beyond serious accusations while investigations drag on, public records remain hard to obtain, and watchdog groups are left making one request after another. Investors pay attention to whether the rules are predictable, international partners assess whether enforcement is credible, and Nigerians living abroad come to form opinions based on what happens in the country. The reputational damage caused by impunity goes far beyond the individual scandals that make the news.

Nigeria already has the EFCC, the ICPC, the police, the courts, the Auditor-General, and various legislative oversight bodies, along with SERAP, BudgIT, CISLAC, Yiaga Africa, journalists, and a number of other civil-society organizations. The issue is not that there are no institutions or people willing to ask difficult questions. Their work loses effectiveness when the results of their investigations do not lead to definite outcomes and when being close to power makes it harder to hold people to account. A nation shows strength when its institutions can reach the powerful; ongoing impunity, by contrast, sends the opposite message.

Significance of Dangote Refinery IPO beyond Size of Transaction - NGX Chairman

Umaru Kwairanga, Chairman, Nigerian Exchange Group (NGX Group), says the Dangote Petroleum Refinery Initial Public Offering (IPO) signals Nigeria’s readiness to support large-scale capital raising through its capital market.

Kwairanga said this on the sidelines of Fintech Money 20/20 Middle East at the Riyadh International Conference Centre, Saudi Arabia, on Wednesday.

The NGX Chairman in a statement made available in Lagos on Thursday, said the significance of the Dangote Refinery IPO was beyond the size of the transaction.

“It demonstrates the capacity of the Nigerian capital market to support businesses of substantial scale,” he said.

According to him, the offer will enable businesses to raise long-term capital, broaden ownership and provide institutional and retail investors with opportunities to participate in their growth.

“The Dangote Petroleum Refinery IPO sends an important signal about the capacity and ambition of Nigeria’s capital market.

“The significance goes beyond the size of the transaction,” he said.

Kwairanga said the transaction could encourage other large Nigerian and African businesses to consider the capital market as a credible avenue for financing growth.

He said this was particularly important as Nigeria’s market infrastructure and accessibility continued to improve.

The NGX chairman made reference to the transition to T+1 settlement, extended trading hours and Nigeria’s return to the FTSE Russell Frontier Market universe from September 21 as key developments.

He said the developments were helping to create a deeper and more investable capital market capable of connecting companies with capital at scale.

Kwairanga said NGX was also working to ensure that major public offers were accessible to everyday Nigerians through multiple distribution channels.

He explained that investors could participate in public offers through stockbrokers, banks and approved digital platforms, with NGX Invest providing infrastructure connecting issuers to the distribution channels.

He said the initiative was aimed at broadening ownership of Nigerian businesses and creating opportunities for younger and first-time investors to participate in the country’s economic growth.

On attracting more Gulf investors to Nigeria, Kwairanga said the country offered significant opportunities in financial services, telecommunications, energy, infrastructure and industrial development.

He said attracting such capital required market accessibility, liquidity, regulatory certainty and confidence that investments could move efficiently into and out of the market.

According to him, improvements in foreign exchange liquidity, T+1 settlement and extended trading hours have enhanced the accessibility of the Nigerian market.

He said the return of Nigeria to FTSE Russell’s Frontier Market universe would also provide an important boost to the market’s international visibility.

Kwairanga called for stronger relationships between the Nigerian market and Gulf sovereign wealth funds, asset managers, family offices and other institutional investors.

He said greater visibility for Nigerian companies and increased direct engagement would help create a stronger Nigeria-Gulf investment corridor.

“For me, the opportunity is to build a stronger Nigeria-Gulf investment corridor, connecting significant pools of Gulf capital with credible Nigerian businesses and investment opportunities,” he said.

The NGX chairman also emphasised the importance of investor protection as more Nigerians increasingly access the capital market through mobile devices.

He said NGX Regulation provided independent oversight, surveillance of trading activities, enforcement of market rules and mechanisms for handling investor complaints.

Kwairanga said transparency and investor education were equally critical to protecting investors and sustaining confidence in the market.

He cautioned that digital access to investment opportunities did not eliminate investment risks, urging first-time investors to use regulated channels and understand the securities they were buying.

“Technology can widen participation, but trust is ultimately what sustains a capital market,” he said.

Credit NAN: Texts excluding Headline