ACF sensitises Kano residents on Dangote refinery IPO

The Arewa Consultative Forum (ACF) has intensified its sensitisation campaign in Kano state on the Dangote Refinery Initial Public Offering (IPO), encouraging more northerners to participate in the investment.

According to the forum, the campaign, held in Kano on Saturday, was aimed at helping prospective investors understand the share purchase process and avoid falling victim to misinformation or exploitation.

‎Some prospective investors had expressed concerns about the IPO, with claims circulating on social media that the refinery was yet to make profits and that the offer could expose ordinary Nigerians to losses.

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--> ‎But the President of the ACF Kano State chapter and leader of the Shareholders Association, Dr Goni Umar Farouk, dismissed the claims as unfounded, saying the refinery’s financial records showed significant revenue and profit.

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‎Farouk said the refinery generated $1.82 billion in the first six months of the year, while its revenue rose from N9.38 trillion in 2024 to N18.74 trillion in 2025.

‎He also said the refinery recorded N2.5 trillion in profit after tax during the half-year period.

‎“So, anyone saying the refinery is running at a loss is simply spreading falsehood,” he said.

‎Farouk said the ACF intervention was intended to ensure that northern Nigerians were adequately informed about the IPO and could make investment decisions based on available financial information rather than rumours circulating online.

‎The ACF said its campaign would continue to educate residents on the IPO process and encourage prospective investors to use legitimate channels when seeking to participate.

‎Farouk also said investors should consider the refinery’s financial performance and future prospects when assessing the offer, rather than relying on unverified claims on social media.

Sa’a Umar, one of those who purchased shares through the ACF arrangement, said she initially had reservations about the investment but decided to participate after receiving information about the process.

‎“I came to register here at the ACF office and we pray to benefit. Investment is important, and we encourage others to come here instead of trying elsewhere and making mistakes,” she said.

‎Another investor, Iliya Ado, said the sensitisation programme had helped address some of his earlier concerns about participating in the offer.

‎“People may not know where to go, or they may be discouraged, but the system is working. I appreciate the early work of the forum. It is a very good initiative for the development of people through investments,” he said.

‎The sensitisation drive came amid growing interest in the Dangote Refinery IPO, which is being presented as an opportunity for Nigerians to participate directly in the ownership of one of the country’s major industrial assets.