Emir Sanusi Defends Dangote Refinery, Challenges Critics To Raise $22bn For Competing Plant

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, dismissing claims of monopoly and challenging detractors to mobilise the estimated $22 billion required to build a competing refinery.

Sanusi spoke at the Dangote Refinery “People’s IPO” roadshow in Kano, tagged “Kano Grand Homecoming,” 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 investors, business leaders 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 him, equity ownership remains 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.

He said many observers at the time questioned Dangote’s strategy of deploying short-term financing to support long-term industrial investments, but what critics considered risky was actually strategic foresight and commitment to transforming Nigeria’s productive capacity.

“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 refinery as a game-changing investment capable of fundamentally altering the structure of the Nigerian economy by reducing dependence on imported petroleum products and preserving foreign exchange.

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

As evidence of its global relevance, he cited reports that European airlines sourced aviation fuel from the facility during recent supply disruptions linked to tensions around the Strait of Hormuz.

Sanusi firmly rejected claims that the refinery was seeking market dominance, arguing that competition remains open to anyone willing to undertake the financial and operational challenges of large-scale refining.

He declared that there is no monopoly if a monopoly is not protected by law, saying that “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.”

He warned against a culture that prioritises speculation and accumulation of overseas assets at the expense of domestic industrial development, stressing that Nigeria’s future depends on investments in productive industries capable of creating jobs and strengthening value chains.

The roadshow brought together leading figures from business and finance, including Aliko Dangote, President of Dangote Industries Limited; Bismarck Rewane, Managing Director of Financial Derivatives Company; and Adetilewa Adebajo, CEO of CFG Advisory.