The Aliko Dangote Foundation (ADF) has announced that 777,907 vulnerable women across 15 Nigerian states will benefit from 15.56 million shares in Dangote Petroleum Refinery and Petrochemicals. This is part of its Women Share Subscription Grant Initiative.
In a statement on Sunday, Zouera Youssofou, the managing director/CEO, said the program aims to promote financial inclusion and empower women by giving them ownership in one of Africa’s largest industrial projects.
“A total of 777,907 underprivileged Nigerian women across 15 states are set to benefit from 15.56 million shares in Dangote Petroleum Refinery and Petrochemicals IPO under the Aliko Dangote Foundation’s (ADF) Women Share Subscription Grant Initiative,” the statement said.
The foundation plans to empower two million vulnerable women across Nigeria’s 36 states and the Federal Capital Territory (FCT).
Fifteen state governments have agreed to take part in the program. The foundation will match each state’s financial contribution to provide shares at no cost to the beneficiaries.
The participating states include Abia, Anambra, Borno, Ebonyi, Enugu, Gombe, Imo, Kebbi, Kwara, Lagos, Nasarawa, Niger, Plateau, Yobe, and Zamfara.
Last week, PREMIUM TIMES reported that the Dangote Petroleum Refinery and Petrochemicals extended its $1.6 billion IPO. This extension was from the original end date of 13 October by two weeks to allow more people across Africa to join in, due to strong interest.
Since its launch, the IPO has been the biggest ever in Africa. It is offering 4.1 billion shares at N525 per share. The minimum subscription is for 10 shares. There is also a green shoe option that allows for an additional 30 percent of the shares to be sold if there is more demand than expected.
In July, a private placement before the IPO was 270 percent oversubscribed, even though they aimed to raise $2.5 billion.
The IPO attracted billions of naira within minutes of opening. Some trading platforms like Bamboo and Cowrywise faced downtime on the first day due to high subscription traffic.
Shares allocation
The foundation reported that Gombe State is the first to make full payment for the initiative, marking an important step in its launch.
Each beneficiary is set to receive 20 shares at an indicative price of N525 per share. This means each woman will get shares valued at N10,500.
The state government will pay for 10 shares per beneficiary, while the foundation will cover the cost of the other 10 shares.
The initiative aims to provide benefits from the IPO not just to big investors but also to vulnerable women. Many of these women may be joining the capital market for the first time.
Instead of just providing regular financial help, the program wants to give women ownership of valuable assets. This will also help them create long-term wealth.
The foundation aims to reach two million women across all 774 local government areas. This shows their goal to expand financial inclusion and encourage more people to participate in Nigeria’s capital market.
ADF thanked the Nigerian Exchange and the Securities and Exchange Commission for their support in helping with financial inclusion goals.
The program is happening alongside the foundation’s Tertiary Students Share Subscription Grant Initiative. This initiative helps eligible students who want to take part in the IPO.
Under the students' initiative, the foundation supports applications for 10 shares for each qualifying student at no cost.
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