Dangote Foundation offers share grants to two million women

The Aliko Dangote Foundation has launched a share subscription grant initiative designed to enable up to two million vulnerable Nigerian women to participate in the ongoing initial public offering of Dangote Petroleum Refinery and Petrochemicals. The programme is intended to broaden financial inclusion, promote a culture of saving and investment, and expand women's access to ownership in one of Nigeria's landmark corporate listings through a combination of matching and unconditional grants.

Programme structure and eligibility

Under the matching grant track, eligible independent applicants earning N100,000 or less per month who subscribe to at least 10 shares will receive funding from the foundation for an additional 10 shares in their name, effectively doubling their holding at no cost for the extra shares. A separate unconditional grant track will fund applications for 20 shares on behalf of eligible beneficiaries who meet the programme's verification and Know Your Customer requirements. Eligible categories include verified participants in selected Aliko Dangote Foundation programmes such as CRoWN, ADFIN and Mu Shuka Iri, eligible non-commissioned servicewomen and service spouses, verified service widows, and other women meeting the criteria set out by the foundation.

The offer price for the IPO is N525 per share, with a minimum subscription of 10 shares. All grant funds are to be paid directly through the Securities and Exchange Commission-approved IPO subscription infrastructure, with no cash handed to beneficiaries, intermediaries or public officials. Shares allotted under the grant will belong to the beneficiary and be registered in her name. The foundation has stated that participation does not guarantee allotment of shares and that no beneficiary may receive more than one share grant across its schemes.

Partners and scope of coverage

The initiative is being implemented in partnership with Vetiva Capital Management and the Nigerian Exchange Group. Implementation has included outreach to eligible policewomen and military women, extending coverage to personnel in uniformed services alongside broader vulnerable groups such as widows, women with disabilities and women living in extreme poverty. Several state governments have also adopted elements of the scheme, with Kwara State and Yobe State announcing plans to co-fund subscriptions for tens of thousands of women in partnership with the foundation.

Yobe State, for instance, approved N230.62 million to purchase 10 shares each for 43,928 vulnerable women across its 17 local government areas, with the foundation expected to match that with an equivalent grant to give each beneficiary 20 shares, subject to IPO allotment terms. Kwara State has similarly proposed a matching arrangement targeting women, including female teachers. These collaborations have helped scale the initiative beyond independent applicants to reach women in conflict-affected and low-income communities.

Precautions against fraud

As with any public offering involving grants, the foundation has warned prospective applicants to remain vigilant against fraudsters. It has explicitly cautioned against making payments to agents, individuals or personal bank accounts in exchange for grants or guaranteed allotment, stressing that the process is conducted only through official channels. Applicants are required to complete the necessary identity verification and KYC processes via the designated portal, ipo.alikodangotefoundation.org, and are advised to review the official terms and conditions before applying.

IPO context and timeline

The share grant initiative is linked to the ongoing public offering of Dangote Petroleum Refinery and Petrochemicals, which opened on September 14, 2026, and has been extended. The offer, comprising 4.1 billion ordinary shares at N525 per share, was initially due to close on October 13, 2026, but was extended by two weeks to October 27, 2026, following approval from the Securities and Exchange Commission. The refinery is targeting widespread retail participation across Nigeria and other African markets, with the aim of broadening ownership of the strategic asset.

By focusing on women earning N100,000 or less per month and other vulnerable groups, the initiative seeks to channel a portion of that broad-based offering towards first-time investors who might otherwise be excluded from capital market participation. If successfully implemented, the programme could mark one of the largest single efforts to promote gender-inclusive share ownership in Nigeria's recent IPO history, giving up to two million women a stake in the country's refining capacity while encouraging longer-term engagement with the capital market.