The Aliko Dangote Foundation has launched a share grant initiative aimed at enabling up to five million tertiary students and two million vulnerable women in Nigeria to become shareholders in Dangote Petroleum Refinery and Petrochemicals through its Initial Public Offering. This move is designed to deepen retail participation in Nigeria's capital market. The Foundation will match qualifying share subscriptions by eligible beneficiaries, providing them with an opportunity to own shares in one of Africa's largest industrial assets.
Under the programme, students who subscribe for the minimum 10 shares worth N5,250 will receive an additional 10 shares funded by the Foundation, effectively doubling their holdings to 20 shares. This initiative is part of the Foundation's effort to turn the refinery's "People's IPO" vision into reality by giving traditionally underserved groups a direct stake in the company. The programme specifically targets students and vulnerable women who have historically been underrepresented in the capital market.
The Aliko Dangote Foundation is prepared to support up to five million students enrolled in Nigerian tertiary institutions, including universities, polytechnics, and colleges of education. To be eligible, applicants must be at least 18 years old and enrolled in a recognised institution. The Foundation is working with relevant educational authorities to verify beneficiaries and ensure that the shares ultimately belong to the beneficiaries.
The Foundation has earmarked approximately N40 billion for the broader programme, with about N25 billion allocated for the student component of the scheme. This intervention is a grant, not an investment, and the goal is to help people who may never have had the opportunity to own shares begin building long-term wealth. The shares will be allocated to beneficiaries, and the Foundation aims to promote financial literacy and encourage a culture of savings and investment.
In addition to students, the Aliko Dangote Foundation plans to support up to two million vulnerable women, including widows, women living in extreme poverty, persons with disabilities, and widows of members of the Armed Forces. The Foundation is partnering with state governments, the Ministry of Women Affairs, the Armed Forces, and other institutions to identify eligible participants and ensure that the programme reaches those who need it most.
According to Zouera Youssoufou, Managing Director and Chief Executive Officer of the Aliko Dangote Foundation, the initiative is not only about widening ownership in the refinery but also about promoting financial literacy, encouraging a culture of savings and investment, and helping Nigerians build sustainable wealth through participation in the capital market. The programme is a significant step towards promoting economic empowerment and inclusivity in Nigeria.
The Dangote Refinery IPO is a highly anticipated event, and the Aliko Dangote Foundation's share grant initiative is expected to have a positive impact on the lives of millions of Nigerians. By providing opportunities for students and vulnerable women to become shareholders, the Foundation is helping to promote economic empowerment and create a more inclusive capital market. The programme is a testament to the Foundation's commitment to giving back to the community and promoting sustainable development in Nigeria.
Key points
- The Aliko Dangote Foundation will match qualifying share subscriptions by eligible beneficiaries.
- The programme targets 5m students and 2m vulnerable women.
- The initiative is valued at approximately N40 billion.
