The Aliko Dangote Foundation has unveiled a share grant programme targeting up to five million tertiary students and two million vulnerable women to expand their participation in the capital market ahead of the planned initial public offering of Dangote Petroleum Refinery and Petrochemicals.
The foundation’s Managing Director and Chief Executive Officer, Zouera Youssoufou, said the initiative would match qualifying share subscriptions by eligible beneficiaries, allowing them to double their initial holdings under the programme’s approved process.
Under the scheme, eligible students who subscribe for the minimum 10 shares valued at N5,250 will receive an additional 10 shares funded by the foundation, bringing their holdings to 20 shares, subject to allocation.
Youssoufou said the initiative was designed to widen share ownership among groups that have traditionally had limited access to Nigeria’s capital market.
The foundation has earmarked about N25 billion for the student component, while the broader programme for students and vulnerable women is valued at approximately N40 billion.
Eligible students must be at least 18 years old and enrolled in recognised Nigerian universities, polytechnics or colleges of education. The foundation is working with relevant educational authorities to verify applicants.
The programme will also target up to two million vulnerable women, including widows, women living in extreme poverty, persons with disabilities and widows of members of the Armed Forces.
According to Youssoufou, the foundation is collaborating with state governments, the Ministry of Women Affairs, the Armed Forces and other institutions to identify eligible beneficiaries.
She said the shares would belong to the beneficiaries, describing the intervention as a grant rather than an investment by the foundation.
Beyond expanding ownership of the refinery, the initiative is intended to promote financial literacy, encourage savings and investment, and enable more Nigerians to participate in the capital market.