ACF sensitises Kano residents on Dangote refinery IPO

The Arewa Consultative Forum (ACF) has ramped up its awareness drive in Kano state about the Dangote Refinery Initial Public Offering (IPO), urging more northerners to invest in the venture. The forum's campaign in Kano on Saturday aimed to educate prospective investors about the share purchase procedure and prevent them from being misled or taken advantage of.

Some potential investors had doubts about the IPO, with rumors circulating online that the refinery had not yet turned a profit and that the offer could leave ordinary Nigerians at risk of losses. However, Dr Goni Umar Farouk, President of the ACF Kano State chapter and leader of the Shareholders Association, refuted these claims as unfounded.

He pointed to the refinery's financial records, which showed substantial revenue and profits, with the refinery generating $1.82 billion in the first half of the year, and revenue rising from N9.38 trillion in 2024 to N18.74 trillion in 2025. The refinery also reported a profit of N2.5 trillion after tax during the half-year period.

Farouk emphasized that the ACF's intervention was to ensure that northern Nigerians were well-informed about the IPO and could make investment decisions based on available financial data, not rumors. The ACF said its campaign would continue to educate residents on the IPO process and encourage participation through legitimate channels.

One of the investors who purchased shares via the ACF arrangement, Sa'a Umar, said she was initially skeptical about the investment but decided to proceed after receiving information about the process. "Investment is important, and we encourage others to come here instead of trying elsewhere and making mistakes," she said. Iliya Ado, another investor, credited the sensitisation programme for alleviating some of his concerns about participating in the IPO.

He said the system was working and appreciated the ACF's efforts for the development of individuals through investments. The sensitisation drive coincided with heightened interest in the Dangote Refinery IPO, which is being marketed as an opportunity for Nigerians to directly invest in one of the country's major industrial assets.