The Aliko Dangote Foundation has unveiled a share-grant scheme targeting five million tertiary institution students and two million vulnerable women to enable them to become shareholders in the Dangote Petroleum Refinery and Petrochemicals through its planned Initial Public Offering (IPO).
Under the initiative, eligible beneficiaries who purchase the minimum 10 shares worth N5,250 will receive an additional 10 shares free, courtesy of the foundation, subject to the approved process and allocation.
The scheme will effectively double their holdings to 20 shares, opening the door for millions of Nigerians who might otherwise struggle to participate in the capital market.
Managing Director and Chief Executive Officer of the foundation, Zouera Youssoufou, disclosed the plan during a television interview, explaining that it was designed to translate the refinery’s People’s IPO vision into reality.
According to her, the intervention is aimed at expanding share ownership and giving traditionally underserved groups a 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,” Youssoufou said.
The foundation said it was prepared to support up to five million students in universities, polytechnics and colleges of education across the country.
To qualify, applicants must be at least 18 years old and enrolled in recognised tertiary institutions. The foundation is working with relevant educational authorities to verify eligible students.
Youssoufou disclosed that about N25 billion had been earmarked for the student component, while the broader scheme covering students and vulnerable women was valued at approximately N40 billion.
She stressed that the intervention was a grant rather than an investment by the foundation, adding that the shares would ultimately belong 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 initiative is expected to cover two million vulnerable women, including widows, women living in extreme poverty, persons with disabilities and widows of deceased members of the Armed Forces.
The foundation said it was collaborating with state governments, the Federal Ministry of Women Affairs, the military and other institutions to identify qualified beneficiaries.
The programme is also intended to promote financial literacy, encourage savings and investment, and introduce more Nigerians to the opportunities available in the capital market.
If implemented as outlined, the scheme could significantly widen retail participation in the refinery’s IPO while giving millions of beneficiaries an opportunity to build personal wealth through share ownership.
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