IPO: Dangote Foundation targets 5 million students and 2 million vulnerable women

In a bold move to deepen retail participation in Nigeria’s capital market, the Aliko Dangote Foundation (ADF) has unveiled an equity grant initiative aimed at helping up to five million tertiary sector students and two million vulnerable women become shareholders of Dangote Oil Refinery and Petrochemicals through its initial public offering (IPO).

ADF CEO and CEO Zouera Youssoufou announced that the Foundation will match qualifying share subscriptions from eligible beneficiaries.

Under the programme, students who subscribe for a minimum of 10 shares worth N5,250 will receive an additional 10 shares funded by the Foundation, subject to the approved process and allocation, effectively doubling their holdings to 20 shares.

Speaking during a television interview, Youssoufou said the initiative was designed to make the refinery’s “people’s IPO” vision a reality, giving traditionally disadvantaged groups a direct stake in one of Africa’s largest industrial assets.

“When Aliko announced the IPO, she described it as the people’s IPO and wanted as many Nigerians as possible to participate,” he said.

According to her, vulnerable students and women were specifically selected because they have historically been underrepresented in the capital market.

The ADF said it stands ready to support up to five million students enrolled in Nigerian tertiary institutions, including universities, polytechnics and colleges of education. Eligible candidates must be at least 18 years old and enrolled in a recognized institution. The Foundation is working with the relevant education authorities to verify the beneficiaries.

Youssoufou revealed that about 25 billion naira has been allocated for the student component of the programme, while the larger program for vulnerable students and women is valued at about 40 billion naira.

It emphasizes that the intervention is a grant, not an investment, and all shares 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 start building long-term wealth,” he said.

In addition to students, the ADF plans to support up to two million vulnerable women, including widows, women living in extreme poverty, people with disabilities and widows of members of the armed forces. The Foundation is working with state governments, the Ministry of Women’s Affairs, the armed forces and other institutions to identify eligible participants.

According to Youssoufou, the initiative not only aims to expand refinery ownership, but also to promote financial literacy, encourage a culture of savings and investment, and help Nigerians create sustainable wealth through participation in the capital market.