Up to two million Nigerian women, particularly low and middle income earners and vulnerable women, are being targeted for access to equity ownership under a new share grant initiative linked to the ongoing Initial Public Offering, IPO of Dangote Petroleum Refinery and Petrochemicals FZE.
The initiative, introduced by the Aliko Dangote Foundation (ADF), is designed to widen women’s participation in Nigeria’s capital market while promoting savings, long term investment and opportunities for wealth creation.
Under the Women’s Share Subscription Grant Initiative, eligible women aged 18 years and above can receive grants towards the subscription of Dangote Refinery shares, subject to eligibility, investor identification and Know Your Customer (KYC) requirements.
The programme has two participation tracks.
Under the Matching Grant Track, eligible independent applicants earning ₦100,000 or less monthly who subscribe for a minimum of 10 shares will receive an ADF-funded application for an additional 10 shares in their names.
Under the Unconditional Grant Track, the Foundation will fund an application for 20 shares for eligible beneficiaries of designated ADF programmes, including CRoWN, ADFIN and Mu Shuka Iri, as well as verified service widows.
The initiative also covers eligible non-commissioned servicewomen and service spouses.
ADF said grant funds would be applied directly through the designated issuing house, with no cash payments made to beneficiaries, government agencies or sponsors. Any shares allotted will be credited solely to the beneficiary and held in her name.
Applicants must be Nigerian women resident in Nigeria, meet the eligibility requirements for their respective category and complete the required identity verification and KYC processes. No beneficiary will be entitled to more than one ADF share grant across the Foundation’s share grant schemes.
The programme is being implemented in partnership with Vetiva Capital Management and the Nigerian Exchange Group (NGX), through the Securities and Exchange Commission approved IPO subscription infrastructure.
The Foundation said it would not receive or hold applicants’ or sponsors’ subscription funds, while payments, applications, allotments and refunds would be processed in line with the IPO prospectus, regulatory requirements and approved basis of allotment.
Participation is voluntary, and beneficiaries have been advised that share prices can fluctuate, dividends are payable only when declared, and neither share allotment nor investment returns are guaranteed.
Applicants do not need an existing Central Securities Clearing System (CSCS) account to participate. Where required, accounts will be created through Vetiva after successful completion of the IPO’s KYC process.
Eligible independent applicants are required to apply through the official ADF portal, while beneficiaries of designated Foundation programmes and verified service widows will receive application guidance through approved Foundation channels.
The offer closes on October 13, 2026.
ADF also warned prospective participants against fraud, advising applicants not to pay agents, individuals or personal bank accounts in exchange for grants or guaranteed allotments.
The Foundation said the initiative was intended to broaden access to investment opportunities and increase women’s participation in Nigeria’s capital market and wealth creation.