Dangote Foundation Targets 7 Million Nigerians With Refinery IPO Share Grant Scheme

The Aliko Dangote Foundation (ADF) has unveiled a share grant initiative aimed at empowering up to five million tertiary institution students and two million vulnerable women to become shareholders in Dangote Petroleum Refinery and Petrochemicals through its Initial Public Offering (IPO).

Under the scheme, the Foundation will match qualifying share subscriptions by eligible beneficiaries, giving them additional shares at no cost and expanding access to investment opportunities in Nigeria’s capital market.

The Managing Director and Chief Executive Officer of ADF, Zouera Youssoufou, disclosed this during a television interview, explaining that the initiative was designed to bring the refinery’s vision of a “People’s IPO” to reality by allowing more Nigerians to own a stake in one of Africa’s largest industrial investments.

According to Youssoufou, eligible students who subscribe to the minimum of 10 shares valued at N5,250 will receive an additional 10 shares funded by the Foundation, subject to the approved verification and allocation process.

This means qualifying beneficiaries could receive a total of 20 shares through their own subscription and the Foundation’s matching grant.

She explained that students and vulnerable women were selected because these groups have traditionally had limited participation in the capital market.

“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 plans to extend the student component of the initiative to five million Nigerians enrolled in universities, polytechnics and colleges of education. Applicants must be at least 18 years old and registered in recognised tertiary institutions.

Youssoufou said the Foundation was working with relevant educational authorities to verify eligible students and ensure the programme reached its intended beneficiaries.

She disclosed that approximately N25 billion had been earmarked for the student component, while the broader programme covering students and vulnerable women was valued at about N40 billion.

The ADF chief executive stressed that the intervention was a grant rather than an investment by the Foundation, noting that ownership of the additional shares would ultimately rest with 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 tertiary students, the programme is expected to benefit up to two million vulnerable women, including widows, women living in extreme poverty, persons with disabilities and widows of members of the Armed Forces.

To identify eligible beneficiaries, the Foundation is collaborating with state governments, the Federal Ministry of Women Affairs, the Armed Forces and other relevant institutions.

The initiative is also expected to promote financial literacy, encourage savings and investment, and broaden public participation in Nigeria’s capital market.

Through the scheme, the Foundation seeks to give millions of Nigerians an opportunity to participate in the ownership of the Dangote refinery while supporting long-term wealth creation among groups that might otherwise struggle to access investment opportunities.