The Arewa Consultative Forum (ACF) is ramping up efforts to promote the Dangote Refinery’s Initial Public Offering (IPO) in Kano state, urging more northern investors to get involved.
During a campaign event in Kano on Saturday, the forum aimed to clarify the share purchase process and educate potential investors to help them avoid misinformation. There have been concerns circulating on social media suggesting the refinery is not yet profitable and that investing could lead to financial losses for ordinary Nigerians.
Dr Goni Umar Farouk, President of the ACF’s Kano chapter and leader of the Shareholders Association, dismissed these claims as groundless, citing strong financial performance reports from the refinery. He noted that the refinery earned $1.82 billion in the first half of the year, with revenue increasing from 9.38 trillion naira in 2024 to 18.74 trillion naira in 2025. Farouk also pointed to a profit after tax of 2.5 trillion naira during the same period, asserting that anyone suggesting the refinery is in financial trouble is spreading falsehoods.
The ACF is committed to ensuring that northern Nigerians are well-informed about the IPO, allowing them to make investment decisions based on factual data rather than online speculation. The campaign will continue to educate the public on the IPO process and encourage safe investment practices.
Investors like Sa’a Umar shared their positive experiences, explaining that initial doubts were alleviated after receiving accurate information about the investment process. Another participant, Iliya Ado, praised the ACF’s initiative, highlighting its role in empowering investors and fostering local development.
This sensitisation drive takes place alongside increasing interest in the Dangote Refinery IPO, seen as a crucial opportunity for Nigerians to directly invest in a key industrial asset in the country.
