By Peace Udugba — The Daily Torch Media
The Aliko Dangote Foundation (ADF) has unveiled a share grant initiative targeting up to five million tertiary students and two million vulnerable women as part of efforts to broaden retail participation in Nigeria’s capital market through the planned Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.
Under the initiative, eligible beneficiaries who subscribe for qualifying shares will receive additional shares funded by the Foundation, potentially doubling their holdings under the approved programme.
The Foundation’s Managing Director and Chief Executive Officer, Zouera Youssoufou, disclosed the initiative during a television interview, explaining that it was designed to make the refinery’s proposed “People’s IPO” accessible to Nigerians who have traditionally had limited opportunities to invest in the capital market.
According to her, the programme reflects the Foundation’s commitment to expanding share ownership and helping more Nigerians participate in the country’s economic growth.
“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.
Students to Receive Matching Share Grants
Under the proposed arrangement, eligible students who subscribe for the minimum of 10 shares valued at ₦5,250 will receive an additional 10 shares funded by the Foundation, subject to the approved process and allocation.
This would increase their holdings to 20 shares without requiring them to pay for the additional shares.
ADF said the student component of the programme could cover up to five million beneficiaries enrolled in recognised Nigerian tertiary institutions, including universities, polytechnics and colleges of education.
Applicants must be at least 18 years old and enrolled in an eligible institution. The Foundation is working with relevant educational authorities to verify applicants and establish their eligibility.
Youssoufou disclosed that approximately ₦25 billion had been earmarked for the student component, while the broader programme covering students and vulnerable women was valued at about ₦40 billion.
She stressed that the initiative was structured as a grant rather than an investment by the Foundation, with ownership of the awarded shares ultimately resting 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.
Two Million Vulnerable Women to Benefit
Beyond tertiary students, the Foundation plans to extend the initiative to as many as two million vulnerable women.
The target groups include widows, women living in extreme poverty, persons with disabilities and widows of members of the Armed Forces.
According to Youssoufou, the Foundation is working with state governments, the Federal Ministry of Women Affairs, the Armed Forces and other relevant institutions to identify and verify eligible beneficiaries.
The programme is intended to extend the benefits of share ownership to groups that often face financial and economic barriers to participating in the capital market.
Initiative Targets Financial Inclusion and Wealth Creation
The Foundation said the initiative goes beyond distributing shares in the refinery, with broader objectives that include promoting financial literacy, encouraging a savings culture and introducing more Nigerians to long-term investment.
By supporting eligible beneficiaries to acquire shares, the programme seeks to give students and vulnerable women an opportunity to participate in the ownership of a major industrial enterprise.
The initiative could also widen retail investor participation in Nigeria’s capital market if the targeted beneficiaries are successfully reached and the share grants are implemented as outlined.
However, prospective beneficiaries should confirm the official eligibility requirements, application process, subscription arrangements and allocation conditions before committing funds.
The proposed IPO is expected to provide an opportunity for investors to acquire shares in Dangote Petroleum Refinery and Petrochemicals, subject to the applicable offer terms and regulatory requirements.
For the Foundation, the share grant programme represents an effort to connect capital market participation with financial inclusion, allowing beneficiaries to hold assets that may contribute to their long-term financial security.
The Daily Torch Media will continue to monitor developments surrounding the refinery’s IPO and the implementation of the Foundation’s proposed share grant initiative.
Tags: Dangote Foundation, Dangote Refinery IPO, Dangote IPO, Zouera Youssoufou, Nigerian capital market, share grants, retail investors, financial inclusion, stock market, Dangote Industries.
