The Aliko Dangote Foundation (ADF) has announced plans to provide 15.56 million shares in Dangote Petroleum Refinery and Petrochemicals to 777,907 vulnerable women across 15 Nigerian states under its Women Share Subscription Grant Initiative.
The foundation said the programme is designed to promote financial inclusion, empower disadvantaged women and give them an opportunity to participate in the ownership of one of Africa’s largest industrial investments.
In a statement issued on Sunday, the foundation’s Managing Director and Chief Executive Officer, Zouera Youssofou, said the initiative forms part of its broader ambition to empower two million vulnerable women across Nigeria’s 36 states and the Federal Capital Territory (FCT).
According to the statement, 15 state governments have committed to participating in the programme, which operates through a matching-fund arrangement. Under the scheme, each participating state will finance half of the shares allocated to beneficiaries, while the foundation will provide the remaining half.
The participating states are Abia, Anambra, Borno, Ebonyi, Enugu, Gombe, Imo, Kebbi, Kwara, Lagos, Nasarawa, Niger, Plateau, Yobe and Zamfara.
How the Shares Will Be Allocated
Under the initiative, each beneficiary is eligible to receive 20 shares at an indicative price of N525 per share, representing a total allocation value of N10,500.
The respective state governments will pay for 10 shares per beneficiary, while the foundation will cover the cost of the remaining 10 shares.
The foundation disclosed that Gombe State had become the first participating state to complete its payment under the programme, marking a significant milestone in its implementation.
The initiative aims to extend the benefits of the refinery’s initial public offering (IPO) beyond institutional investors and wealthy individuals to vulnerable women, many of whom may be entering Nigeria’s capital market for the first time.
Rather than providing only conventional financial assistance, the programme seeks to give beneficiaries ownership of productive assets and an opportunity to participate in long-term wealth creation.
The foundation’s broader target is to reach two million women across all 774 local government areas in Nigeria, reinforcing its commitment to financial inclusion and wider participation in the country’s capital market.
ADF also acknowledged the support of the Nigerian Exchange and the Securities and Exchange Commission in advancing the initiative’s objectives.
Refinery IPO Attracts Significant Interest
The women’s share grant programme comes amid heightened interest in the ongoing IPO of Dangote Petroleum Refinery and Petrochemicals.
The company had earlier extended its $1.6 billion public offering, initially scheduled to close on October 13, by two weeks to allow broader participation across Africa following significant investor interest.
The IPO offers 4.1 billion shares at N525 per unit, with a minimum subscription of 10 shares. A green shoe option also allows the company to sell an additional 30 per cent of the shares on offer if demand exceeds the available allocation.
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.
The public offering also attracted billions of naira within minutes of its launch, with some investment platforms, including Bamboo and Cowrywise, reportedly experiencing downtime on the first day because of unusually high subscription traffic.
Students Also Benefit From Share Grant Initiative
The Women Share Subscription Grant Initiative is running alongside the foundation’s Tertiary Students Share Subscription Grant Initiative, which is intended to help eligible students participate in the refinery’s IPO.
Under the student programme, the foundation supports eligible applicants with 10 shares each at no cost to the beneficiaries.
Through both initiatives, the foundation aims to broaden access to investment opportunities and enable women and young Nigerians to participate in the capital market, while creating opportunities for long-term financial empowerment.