The Aliko Dangote Foundation (ADF) says 777,907 vulnerable women across 15 Nigerian states are set to receive 15.56 million shares in Dangote Petroleum Refinery and Petrochemicals through its Women Share Subscription Grant Initiative.
In a statement issued on Sunday, the foundation’s Managing Director and Chief Executive Officer, Zouera Youssofou, said the programme aims to improve financial inclusion by helping women own shares in one of Africa’s largest industrial investments.
The initiative forms part of ADF’s wider plan to support two million vulnerable women across Nigeria’s 36 states and the Federal Capital Territory.
According to the foundation, 15 state governments have agreed to participate. Under the arrangement, each state’s financial contribution will be matched by ADF, allowing eligible women to receive shares without paying for them.
The participating states are Abia, Anambra, Borno, Ebonyi, Enugu, Gombe, Imo, Kebbi, Kwara, Lagos, Nasarawa, Niger, Plateau, Yobe and Zamfara.
Gombe State has become the first participating state to make full payment towards the programme, marking progress in its implementation.
Each beneficiary is eligible to receive 20 shares at an indicative price of ₦525 per share, giving each allocation a value of ₦10,500. The state government will pay for 10 shares, while the foundation will fund the remaining 10.
The programme seeks to extend the benefits of the refinery’s Initial Public Offering (IPO) beyond institutional investors and wealthy individuals. It also aims to introduce more vulnerable women to Nigeria’s capital market and provide opportunities for long-term wealth creation through asset ownership.
The refinery’s IPO offers 4.1 billion shares at ₦525 each, with a minimum subscription of 10 shares. The offer was extended by two weeks beyond its original 13 October closing date to encourage wider participation across Africa.
ADF acknowledged the support of the Nigerian Exchange and the Securities and Exchange Commission in advancing the initiative’s financial inclusion goals.
The women’s programme is running alongside the foundation’s Tertiary Students Share Subscription Grant Initiative, which supports eligible students by covering the cost of 10 shares each.
Through both programmes, the foundation aims to broaden access to investment opportunities and enable more Nigerians to participate in the country’s capital market.
