Dangote Foundation Extends Refinery Share Grants to Police, Military Women

The Aliko Dangote Foundation has expanded its share subscription grant programme to eligible policewomen and military women, widening access to ownership opportunities in the Dangote Petroleum Refinery.

The initiative is part of the foundation’s broader plan to help as many as two million Nigerian women participate in the ongoing Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE.

The programme is designed to increase women’s participation in Nigeria’s capital market, particularly among low- and middle-income earners and other vulnerable groups.

Who Qualifies?

The foundation said eligible beneficiaries include independent applicants earning N100,000 or less per month, verified participants in selected Aliko Dangote Foundation programmes, eligible non-commissioned servicewomen and service spouses, as well as verified service widows.

The Dangote Group confirmed that the non-commissioned servicewomen category includes eligible women serving in the Nigeria Police Force and the military.

How the Share Grant Works

Under the matching-grant option, eligible independent applicants who subscribe for a minimum of 10 shares will receive an additional 10 shares funded by the foundation.

For beneficiaries under the unconditional grant category, the foundation will fund applications for 20 shares for those who meet the programme’s eligibility, identification and Know Your Customer requirements.

The grants will be applied directly through the designated issuing house. No cash will be paid to beneficiaries, government agencies or sponsors.

Any shares successfully allotted will be registered solely in the beneficiary’s name, giving recipients direct ownership of an asset rather than receiving a cash benefit.

Expanding Women’s Access to the Capital Market

The initiative comes as Dangote Refinery conducts what is being positioned as a major public investment opportunity.

The refinery’s IPO comprises 4.1 billion ordinary shares priced at N525 each, with a minimum subscription of 10 shares, representing an entry point of N5,250 for investors. The offer is expected to close on October 13, 2026.

By subsidising share purchases for eligible women, the foundation is effectively lowering the financial barrier to participating in the Nigerian capital market.

The programme could also encourage beneficiaries to view share ownership as a long-term savings and wealth-building tool rather than relying solely on traditional forms of saving.

Partnership With Vetiva and NGX

The Aliko Dangote Foundation is implementing the programme in partnership with Vetiva Capital Management and the Nigerian Exchange Group, using infrastructure approved by the Securities and Exchange Commission.

Applicants do not necessarily need an existing Central Securities Clearing System account. Where required, accounts can be created through Vetiva after applicants complete the necessary KYC process.

The foundation also stated that it will not receive or hold applicants’ subscription funds. Applications, payments, allotments and refunds will be processed in accordance with the IPO prospectus and applicable regulatory requirements.

Fraud Warning Issued

With the offer attracting significant public attention, the foundation has warned prospective beneficiaries to be cautious of fraudsters.

Applicants have been advised not to make payments to agents, individuals or personal bank accounts in exchange for grants or guaranteed share allocations.

The foundation also warned applicants against sharing passwords, PINs or one-time passwords and urged them to verify suspicious payment requests and online links through official channels.

A Push for Wider Share Ownership

The share grant programme represents an effort to broaden participation in Nigeria’s capital market by bringing groups that may traditionally have limited access to equity investment into the ownership structure of one of the country’s largest industrial projects.

For the beneficiaries, the initiative provides an opportunity to acquire an asset in their own names, while for the wider economy, increased retail participation could contribute to a deeper and more inclusive Nigerian capital market.