The Aliko Dangote Foundation (ADF) is set to provide 15.56 million shares in Dangote Petroleum Refinery and Petrochemicals to 777,907 vulnerable women across 15 states under an initiative aimed at promoting financial inclusion and long-term wealth creation.
Key Highlights
- Dangote Foundation to give 15.56 million refinery shares to 777,907 vulnerable women in 15 states.
- Each beneficiary gets 20 shares at ₦525 per share, worth ₦10,500 in total.
- State governments fund 10 shares per woman; the foundation matches with the other 10.
- Gombe is the first state to make full payment under the scheme.
- The programme targets two million women across all 774 LGAs.
The foundation said the programme, known as the Women Share Subscription Grant Initiative, would enable beneficiaries to own shares in one of Africa’s largest industrial investments without paying for them.
According to a statement issued on Sunday by the foundation’s Managing Director and Chief Executive Officer, Zouera Youssofou, the initiative is part of a broader plan to empower two million vulnerable women across the 36 states and the Federal Capital Territory (FCT).
The participating states are Abia, Anambra, Borno, Ebonyi, Enugu, Gombe, Imo, Kebbi, Kwara, Lagos, Nasarawa, Niger, Plateau, Yobe and Zamfara.
How The Share Grant Works
Under the arrangement, each beneficiary is expected to receive 20 shares at an indicative price of ₦525 per share, representing a total allocation valued at ₦10,500.
The respective state governments will finance 10 shares for each beneficiary, while the Dangote Foundation will provide a matching contribution to cover the remaining 10 shares.
The foundation disclosed that Gombe State has become the first participating state to make full payment towards the programme, marking a significant step in its implementation.
The initiative is designed to extend the benefits of the refinery’s initial public offering beyond institutional investors and high-net-worth individuals, particularly to vulnerable women who may be entering the capital market for the first time.
Rather than providing conventional financial assistance alone, the programme seeks to give beneficiaries ownership of productive assets and an opportunity to build wealth over time.
The foundation’s long-term target is to reach two million women across all 774 local government areas in Nigeria, further expanding access to investment opportunities and financial inclusion.
ADF also acknowledged the support of the Nigerian Exchange and the Securities and Exchange Commission in advancing the programme’s objectives.
Dangote Refinery IPO Extended
The initiative comes as Dangote Petroleum Refinery and Petrochemicals continues its ongoing $1.6 billion IPO, which was extended by two weeks beyond its original closing date of October 13 to allow broader participation across Africa.
The offer comprises 4.1 billion shares at ₦525 per share, with a minimum subscription of 10 shares. A green shoe option allows the company to offer an additional 30 per cent of the shares on offer if the IPO is oversubscribed.
The IPO has attracted significant investor interest, with billions of naira reportedly committed within minutes of its launch.
Some trading platforms, including Bamboo and Cowrywise, experienced downtime on the opening day amid heavy subscription traffic.
In July, a private placement conducted ahead of the IPO was reportedly oversubscribed by 270 per cent, despite an initial fundraising target of $2.5 billion.
Read also:
- Dangote Foundation Launches Share Grant for 2 Million Nigerian Women Through Refinery IPO
- Governor Buni Approves N230.6m To Purchase Dangote Refinery Shares For 43,928 Vulnerable Women
- Kenyan Investors Seek Access To Dangote Refinery IPO Through Nairobi Securities Exchange
- Alausa Commends Dangote Foundation’s Plan To Give Dangote Refinery Shares To 4m Students
The women’s share grant programme is running alongside the foundation’s Tertiary Students Share Subscription Grant Initiative, which is designed to support eligible students seeking to participate in the IPO.
Under the students’ scheme, the foundation will cover the cost of 10 shares for each eligible participating student.
Both initiatives form part of the foundation’s broader effort to expand individual participation in Nigeria’s capital market and make investment opportunities accessible to groups that might otherwise face financial barriers.
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