Dangote Foundation Launches N40bn Share Grant Program

The Aliko Dangote Foundation (ADF) has initiated a N40 billion share grant program to promote retail participation in Nigeria's capital market, specifically tied to the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals. Zouera Youssoufou, the managing director and chief executive officer of ADF, announced that the program aims to allow up to five million tertiary students and two million vulnerable women to become shareholders in the refinery.

Students who subscribe for a minimum of 10 shares, valued at N5,250, will receive an additional 10 shares funded by the Foundation, effectively doubling their holdings at no extra cost. ADF has earmarked N25 billion for the student component, while the overall initiative is valued at approximately N40 billion.

Eligible participants include students aged 18 and above enrolled in Nigerian universities, polytechnics, and colleges of education, as well as vulnerable women, including widows and those living in extreme poverty. The shares are a grant, not a loan, aimed at fostering long-term wealth building among beneficiaries.