By Paul Joseph
The Aliko Dangote Foundation (ADF) is set to provide free shares in Dangote Petroleum Refinery and Petrochemicals to 777,907 vulnerable women across 15 states, in a move aimed at expanding financial inclusion and creating opportunities for long-term wealth generation.
The initiative, known as the Women Share Subscription Grant Initiative, will provide beneficiaries with 15.56 million shares in the refinery, allowing them to participate in the capital market without bearing the cost of the shares.
According to a statement issued on Sunday by the foundation’s Managing Director and Chief Executive Officer, Zouera Youssofou, the programme forms part of a broader commitment to empower two million vulnerable women across Nigeria’s 36 states and the Federal Capital Territory (FCT).
The 15 participating states are Abia, Anambra, Borno, Ebonyi, Enugu, Gombe, Imo, Kebbi, Kwara, Lagos, Nasarawa, Niger, Plateau, Yobe and Zamfara.
Under the arrangement, each beneficiary is expected to receive 20 shares at an indicative price of ₦525 per share, bringing the value of each allocation to ₦10,500.
The state governments will pay for 10 shares per beneficiary, while the Dangote Foundation will provide a matching contribution to cover the remaining 10 shares.
The foundation disclosed that Gombe State had become the first participating state to complete payment for the initiative, marking progress in the implementation of the scheme.
The programme is intended to broaden access to the refinery’s initial public offering (IPO), particularly for vulnerable women who might otherwise struggle to participate in the capital market.
Rather than relying solely on conventional financial assistance, the foundation said the initiative seeks to provide women with ownership of productive assets and an opportunity to build long-term wealth.
The foundation is targeting two million women across all 774 local government areas in the country as part of its wider financial inclusion agenda.
It also acknowledged the support of the Nigerian Exchange and the Securities and Exchange Commission in advancing the initiative.
Refinery IPO draws strong investor interest
The share grant programme comes amid strong interest in the ongoing $1.6 billion IPO of Dangote Petroleum Refinery and Petrochemicals.
The offer, initially scheduled to close on October 13, was extended by two weeks to encourage broader participation across Africa.
The IPO offers 4.1 billion shares at ₦525 each, with a minimum subscription of 10 shares. Its green shoe option allows an additional 30 per cent of the shares on offer to be sold if the offer is oversubscribed.
Investor demand reportedly surged within minutes of the IPO’s launch, with billions of naira committed. Some trading platforms, including Bamboo and Cowrywise, experienced service disruptions on the first 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.
Students to receive share grants
The foundation is also running a separate Tertiary Students Share Subscription Grant Initiative to help eligible students participate in the refinery’s IPO.
Under the programme, the foundation will cover the cost of 10 shares for each eligible participating student.
The two initiatives are designed to expand access to investment opportunities and encourage broader participation in Nigeria’s capital market, particularly among groups that may face financial barriers to investing.
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