N25bn Earmarked As Dangote Foundation Moves To Deepen Retail Participation In Capital Market

The Aliko Dangote Foundation (ADF) has deepened retail participation in Nigeria’s capital market with a N40 billion share grant programme tied to the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.

The managing director and chief executive officer of the Foundation, Zouera Youssoufou, disclosed that the initiative will enable up to five million tertiary students and two million vulnerable women to become shareholders in the refinery.

Under the programme, students who subscribe for the minimum 10 shares valued at N5,250 will receive an additional 10 shares funded by the Foundation, subject to the approved process and allocation. This effectively doubles their holding to 20 shares at no extra cost.

Youssoufou said about N25 billion has been earmarked for the student component alone, while the broader intervention covering both students and vulnerable women is valued at approximately N40 billion.

Speaking during a television interview, she explained that the scheme was conceived to make the refinery’s IPO truly inclusive, in line with Aliko Dangote’s vision of a “People’s IPO.”

“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 said students enrolled in Nigerian universities, polytechnics and colleges of education who are at least 18 years old are eligible, with verification to be done in partnership with relevant educational authorities.

For the women component, ADF is targeting widows, women living in extreme poverty, persons with disabilities, and widows of members of the Armed Forces. It is collaborating with state governments, the Ministry of Women Affairs, the Armed Forces and other institutions to identify beneficiaries.

Youssoufou emphasised that the shares are a grant, not a loan or temporary support, and will fully 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 noted.

Beyond widening ownership in the refinery, ADF said the initiative is aimed at promoting financial literacy, encouraging a savings and investment culture, and helping more Nigerians build sustainable wealth through participation in the capital market.