The Aliko Dangote Foundation is set to partner with state governments to help about two million vulnerable women acquire shares in Dangote Petroleum Refinery and Petrochemicals Limited.
President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, disclosed this in New York during the 81st United Nations General Assembly.
Dangote was responding to a question from the Secretary to the Yobe State Government, Dr Goje Mohammed, on how public-private partnerships could support conflict-affected communities, particularly widows, in building sustainable financial futures.
According to Dangote, the foundation plans to work with state governments to facilitate the participation of widows, victims of conflict and other vulnerable women in the refinery’s proposed Initial Public Offering (IPO).
“We are partnering with state governments to ensure that widows and other vulnerable women are able to buy shares in the refinery,” Dangote said.
He added that the foundation would provide additional support to women who invest in the IPO by donating extra shares to them, which could serve as long-term savings.
“Beyond enabling them to buy shares, the foundation will also support them by donating additional shares that they can hold as savings for the future.
“We are looking at reaching about two million women through this initiative,” he added.
The initiative forms part of the broader Dangote Refinery “People’s IPO”, which seeks to expand Nigerian participation in the ownership of the 700,000-barrel-per-day refinery through the sale of shares.
The proposed partnership is expected to give particular attention to vulnerable women in conflict-affected communities, including widows and households facing economic hardship.
Under the arrangement, state governments and the foundation would help eligible women participate in the IPO, while the additional shares donated by the foundation would provide beneficiaries with a long-term financial asset.
The initiative is expected to combine women’s economic empowerment with broader efforts to expand public participation in the ownership of one of Nigeria’s major industrial investments.
