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Eligible students who subscribe to the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO) through a designated process can qualify for an additional 10 shares funded by a foundation, effectively doubling their initial holdings.
The IPO is priced at N525 per share; a minimum subscription of 10 shares costs about N5,250.
Under the initiative, students who buy those minimum shares can receive another 10 at no cost, subject to the foundation’s approved process.
The scheme is aimed at eligible students in Nigerian tertiary institutions, including universities, polytechnics and colleges of education.
The foundation says the goal is to introduce young people to saving, investing and asset ownership while they are still in school, and to give them hands-on exposure to the capital market.
The foundation also runs a women’s share grant component targeting up to 2 million vulnerable women, with specific eligibility requirements available on its official portal.
Up to 5 million students in Nigerian tertiary institutions and 2 million vulnerable women could become shareholders in Dangote Petroleum Refinery and Petrochemicals under a matching grant scheme launched by the Aliko Dangote Foundation.
The foundation said the initiative aims to broaden retail participation in the capital market.
Zouera Youssoufou, the foundation’s managing director and chief executive, said it will match qualifying subscriptions by eligible beneficiaries, with students who buy the minimum 10 shares for N5,250 receiving an additional 10 shares funded by the foundation to double their holdings to 20 shares, subject to approval and allocation.
Youssoufou said the plan was conceived to make the refinery’s “People’s IPO” accessible to groups historically underrepresented in the capital market.
“When Aliko announced the IPO, he described it as the IPO of the people and wanted as many Nigerians as possible to participate,” she said.
The foundation said it is prepared to support up to 5 million students in universities, polytechnics and colleges of education, and is working with education authorities to verify applicants, who must be at least 18 and enrolled in recognised institutions.
About N25 billion has been allocated for the student component, while the full programme covering students and vulnerable women is valued at roughly N40 billion, Youssoufou said.
She stressed that the funds are a grant rather than an investment, with the shares belonging to the beneficiaries.
“The shares end up with the beneficiary. Our goal is to help people who may never have had the opportunity to own shares begin building long-term wealth,” she said.
