By Francis Ajuonuma
The Aliko Dangote Foundation (ADF) has unveiled a share grant initiative targeting up to five million tertiary students and two million vulnerable women as beneficiaries of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.
The initiative is designed to deepen retail participation in Nigeria’s capital market by enabling traditionally underserved groups to acquire shares in the refinery.
Managing Director and Chief Executive Officer of ADF, Zouera Youssoufou, disclosed the plan during a television interview.
Under the programme, eligible students who subscribe to a minimum of 10 shares valued at N5,250 will receive an additional 10 shares funded by the foundation, subject to the approved process and allocation.
Youssoufou said the initiative was designed to support the refinery’s “People’s IPO” vision by giving more Nigerians a direct stake in one of Africa’s largest industrial assets.
“When Aliko announced the IPO, he described it as the IPO of the people and wanted as many Nigerians as possible to participate,” she said.
The foundation said the student component would cover up to five million students enrolled in Nigerian tertiary institutions, including universities, polytechnics and colleges of education.
Eligible applicants must be at least 18 years old and enrolled in a recognised institution, while the foundation is working with relevant educational authorities to verify beneficiaries.
Youssoufou said that about N25 billion had been earmarked for the student component, while the broader programme for students and vulnerable women was valued at approximately N40 billion.
She stressed that the intervention was a grant rather than an investment, with the shares ultimately belonging to the beneficiaries.
“The shares end up with the beneficiary. Our goal is to help people who may never have had the opportunity to own shares begin building long-term wealth,” she said.
Beyond students, the 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.
ADF is partnering with state governments, the Ministry of Women Affairs, the Armed Forces and other institutions to identify eligible beneficiaries.
According to Youssoufou, the initiative is also aimed at promoting financial literacy, encouraging savings and investment, and helping more Nigerians build sustainable wealth through participation in the capital market.
