Dangote Foundation Extends IPO Wealth Window for 2m Vulnerable Women

The Aliko Dangote Foundation has unveiled a share subscription grant initiative designed to help up to two million vulnerable Nigerian women participate in the ongoing Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals.

The programme is aimed at expanding financial inclusion by giving women who may have limited access to Nigeria’s capital market an opportunity to own shares in the refinery and build long-term financial assets.

The initiative targets Nigerian women aged 18 and above, including low-income earners, widows, women living in extreme poverty, people with disabilities and beneficiaries of selected Foundation programmes.

Under the matching grant track, eligible independent applicants who subscribe to at least 10 shares will receive funding from the Foundation for an additional 10 shares in their name.

A separate unconditional grant track will provide eligible beneficiaries with an application for 20 shares, subject to verification and Know Your Customer requirements.

The Foundation said the grant funds will be paid directly through the approved issuing structure, with no cash handed to beneficiaries, government officials or intermediaries. Any shares allotted will belong to the beneficiary and be held in her name.

The initiative is being implemented in partnership with Vetiva Capital Management and the Nigerian Exchange Group through the Securities and Exchange Commission-approved IPO subscription infrastructure.

The Foundation’s Managing Director and Chief Executive Officer, Zouera Youssoufou, said the initiative was designed to bring groups traditionally underrepresented in the capital market into the refinery’s “People’s IPO.”

The Foundation had earlier announced plans to work with state governments to reach vulnerable women, particularly widows and women affected by conflict. The programme is expected to provide a pathway for beneficiaries to move beyond short-term financial assistance towards ownership of a long-term asset.

The Dangote Refinery IPO opened in September following approval by the Securities and Exchange Commission. The regulator has warned prospective investors to use only approved subscription channels and to beware of individuals or platforms promising guaranteed allotments.

The Foundation said participation in the women’s share grant initiative is voluntary and that neither subscription nor the Foundation-funded application guarantees the allotment of shares.

The IPO offer closes on October 13, 2026, with the Foundation urging eligible women to complete the required verification and application processes before the deadline.