The Dangote Foundation free shares programme will give up to 2 million vulnerable Nigerian women and millions of tertiary students a stake in the Dangote Petroleum Refinery and Petrochemicals through its ongoing Initial Public Offering (IPO). The Aliko Dangote Foundation (ADF) set aside ₦40 billion, about $30 million, to match what participants buy. The IPO now closes on October 27.
A student who applies for at least 10 shares at about $0.39 a share pays about $3.94. ADF can then fund a second application for 10 more shares, which lifts the student’s holding to 20 shares worth about $7.88 at the offer price.
The foundation caps its contribution at 10 shares per student, even when a student buys more. ADF earmarked about $18.8 million for students and targets up to 5 million. The foundation says the money is a grant, and it plans to publish how many students and women sign up. It encourages beneficiaries to hold their shares for a year.
Students must be at least 18 and currently enrolled at a public or private university, polytechnic, college of education or other recognised tertiary institution in Nigeria. Postgraduate students do not qualify. Each student applies once, in their own name, through the ADF student portal, where they submit their institution, matriculation number, bank verification number (BVN), email address and phone number and then pass identity and know-your-customer (KYC) checks.
ADF checks each applicant’s name and matriculation number against approved student databases, and the programme works with the Ministry of Education. ADF decides whether to fund each extra application, and allotment follows the IPO prospectus.
The women’s programme targets up to 2 million beneficiaries, including widows, women living in extreme poverty, women with disabilities, women affected by conflict and widows of armed forces members. ADF has already identified 777,907 women in 15 states for initial allotments, covering 15.56 million shares. State governments and ADF split the cost.
Each state funds 10 shares per woman, and the foundation funds 10, which gives each beneficiary 20 shares worth about $7.88. Gombe State became the first to complete payment, releasing ₦149.2 million (about $112,000) for 28,284 women across its 11 local government areas. A committee drawn from the state’s finance, women affairs and humanitarian ministries will oversee delivery.
Women must be at least 18, live in Nigeria and pass KYC checks. Independent applicants must earn ₦100,000 a month (about $75) or less, while verified beneficiaries of the ADF programmes CRoWN, ADFIN and Mu Shuka Iri also qualify. Non-commissioned servicewomen, service spouses and verified service widows qualify through approved foundation channels. Each woman receives one grant, either matching her own purchase of at least 10 shares or, on the unconditional track, a 20-share application funded by ADF.
Independent applicants apply through the ADF portal and need no existing CSCS account. ADF says beneficiaries must never pay agents or individuals for grants or guaranteed allotments.
Dangote Petroleum Refinery and Petrochemicals FZE is offering 4.1 billion shares at ₦525 each to raise about ₦2.15 trillion ($1.6 billion), with a 10-share minimum. The offer opened on September 14, and Nigeria’s Securities and Exchange Commission approved an extension from October 13 to October 27. The shares will list on the Nigerian Exchange after allotment.
