The Aliko Dangote Foundation has unveiled a share grant initiative to help up to five million tertiary students and two million vulnerable women become shareholders in Dangote Petroleum Refinery and Petrochemicals through its Initial Public Offering.
Managing Director and Chief Executive Officer of the foundation, Zouera Youssoufou said foundation will match qualifying subscriptions by eligible beneficiaries.
Under the programme, students who subscribe for minimum 10 shares worth N5,250 will receive additional 10 shares funded by foundation, subject to approved process and allocation, doubling holdings to 20 shares.
Speaking during television interview, Youssoufou said initiative was designed to turn refinery Peoples IPO vision into reality by giving traditionally underserved groups direct stake in one of Africa largest industrial assets.
She said when Aliko announced IPO, he described it as IPO of the people and wanted as many Nigerians as possible to participate.
According to her, students and vulnerable women were selected because they have historically been underrepresented in capital market.
Foundation said it is prepared to support up to five million students enrolled in Nigerian tertiary institutions including universities, polytechnics and colleges of education.
It said eligible applicants must be at least 18 years old and enrolled in recognised institution. Foundation is working with educational authorities to verify beneficiaries.
Youssoufou revealed about N25 billion has been earmarked for student component, while broader programme for students and vulnerable women is valued at approximately N40 billion.
She emphasised intervention is a grant, not an investment, with all shares ultimately belonging to beneficiaries.
She said shares end up with beneficiary and goal is to help people who may never had opportunity to own shares begin building long term wealth.
Beyond students, foundation plans to support up to two million vulnerable women including widows, women living in extreme poverty, persons with disabilities and widows of members of Armed Forces.
Foundation is partnering with state governments, Ministry of Women Affairs, Armed Forces and other institutions to identify eligible participants.
According to Youssoufou, initiative is not only about widening ownership in refinery but also promoting financial literacy, encouraging culture of savings and investment and helping Nigerians build sustainable wealth through participation in capital market.
