Yobe State Governor, Mai Buni, has approved N230.62 million for the purchase of shares in the Dangote Petroleum Refinery and Petrochemicals for 43,928 vulnerable women across the 17 local government areas of the state.
Key Highlights
- Governor Buni approves N230.62 million to buy Dangote Refinery shares for 43,928 vulnerable women.
- The Aliko Dangote Foundation will provide an equivalent matching grant, bringing the total to about N461.24 million.
- Each beneficiary is expected to own 20 shares credited to her CSCS account.
- IDP households, widows, women living with disabilities and those in extreme poverty will be prioritised.
- The initiative followed engagements at the 81st UN General Assembly in New York.
The approval is aimed at promoting financial inclusion, empowering vulnerable women and supporting the state government’s economic recovery programme.
Director-General, Press and Media Affairs to the governor, Mamman Mohammed, disclosed this in a statement, noting that the initiative follows engagements initiated by the state government at the 81st United Nations General Assembly (UNGA) in New York, United States.
Secretary to the State Government (SSG), Mohammed Goje, who represented Yobe State at the international gathering, had sought a partnership with the Aliko Dangote Foundation to enable the women to become shareholders in the refinery.
How the Share Scheme Works
Under the proposed arrangement, the Yobe State government will provide N230.62 million to purchase 10 shares for each of the 43,928 beneficiaries, while the Aliko Dangote Foundation will contribute an equivalent amount as a matching grant.
The combined investment is valued at approximately N461.24 million, subject to the applicable Initial Public Offer (IPO) conditions and successful allotment of the shares.
According to the state government, each beneficiary is expected to own 20 shares registered in her name, with the shares to be credited to her individual Central Securities Clearing System (CSCS) account.
The arrangement is designed to give the women direct ownership of financial assets and create opportunities for long-term economic participation and financial independence.
The initiative will prioritise vulnerable women, including those from internally displaced households, widows with multiple dependants, women living with disabilities and those experiencing extreme poverty.
From UNGA Talks to Partnership
Goje said the initiative demonstrates how international engagements could be translated into investment opportunities capable of benefiting thousands of vulnerable residents.
He explained that discussions initiated during the UNGA had progressed into a formal partnership proposal aimed at expanding economic opportunities for women across the state.
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According to him, the programme aligns with Governor Buni’s development agenda, which focuses on inclusive economic growth, support for vulnerable households and strengthening the resilience of communities recovering from the effects of insurgency.
He added that the initiative represented a shift from conventional financial assistance towards a model that enables vulnerable women to participate in investment and own productive financial assets.
The state government said the partnership would provide an opportunity for thousands of women to participate in the formal investment sector, subject to the fulfilment of the applicable IPO requirements and successful allotment of the shares.
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