Aliko Dangote
Susan Abayomi
The Aliko Dangote Foundation (ADF) has launched a Women’s Share Subscription Grant Initiative aimed at expanding financial inclusion and creating opportunities for up to two million Nigerian women to participate in the capital market through the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE.
The nationwide initiative is targeted particularly at low- and middle-income earners and vulnerable women, with the objective of promoting equity ownership, encouraging a culture of savings and long-term investment, and creating opportunities for wealth creation.
The programme is open to various categories of beneficiaries, including independent applicants earning ₦100,000 or less monthly, verified participants in selected ADF programmes such as CRoWN, ADFIN and Mu Shuka Iri, eligible non-commissioned servicewomen and service spouses, as well as verified service widows.
To accommodate the different categories of beneficiaries, the Foundation has introduced two pathways.
Under the Matching Grant Track, eligible independent applicants who subscribe to a minimum of 10 shares will receive an ADF-funded application for an additional 10 shares in their name.
Under the Unconditional Grant Track, eligible beneficiaries who meet the required identification and Know Your Customer (KYC) conditions will have an application for 20 shares funded by the Foundation. This pathway covers verified beneficiaries of designated ADF programmes and verified service widows.
The Foundation said grant funds will be applied directly through the designated issuing house under both tracks, with no cash payments made to beneficiaries, government agencies or sponsors.
Applicants are also not required to have an existing Central Securities Clearing System (CSCS) account. Where necessary, accounts will be created through Vetiva after successful completion of the required IPO KYC process.
The initiative forms part of efforts to broaden participation in the Dangote Refinery IPO and provide more Nigerians, particularly women in vulnerable circumstances, with an opportunity to gain an ownership stake and build a long-term financial asset.
The offer is scheduled to close on October 13, 2026, with the Foundation urging prospective beneficiaries to remain vigilant against fraudulent schemes.
ADF warned applicants not to make payments to agents, individuals or personal bank accounts in exchange for grants or promises of guaranteed allotment. It also advised applicants not to share their passwords, PINs or one-time passwords (OTPs), and to verify any unexpected payment request or online link through official channels.
Through the initiative, the Aliko Dangote Foundation is seeking to deepen women’s access to investment opportunities, promote financial inclusion and enable more Nigerian women to participate in long-term wealth creation through the capital market.
