Get Guardian on GoogleThe Emir of Kano, Muhammadu Sanusi II, has urged residents of Kano State to seize the opportunity being offered by the Dangote Petroleum Refinery Initial Public Offering to cut a share of the N2.15 trillion business expansion.
Sanusi said Kano stands at greater advantage as a major commercial centre in Africa to assume an industrial hub and larger trade centre if the merchants and residents consider plugging into the productive investment in Dangote Refinery.
Speaking yesterday in Kano at the launch of the refinery’s share subscription scheme, specially organised to offer the Kano business community share ownership in the multi-billion-dollar investment, he commended Dangote’s decision to enable Nigerians to own part of the massive industrial project and deepen local participation in the industrial economy.
According to him, the refinery IPO represents a significant shift from the traditional pattern in which large-scale industrial assets are controlled by a few merchants and institutional investors.
He added that the share offer comes against the background of growing efforts to deepen retail participation in Nigeria’s capital market and expand domestic ownership of the enterprise.
