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President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has announced plans to support up to two million vulnerable women across Nigeria to acquire shares in the Dangote Petroleum Refinery and Petrochemicals Limited through its planned Initial Public Offering (IPO).
Dangote disclosed this in New York during the 81st United Nations General Assembly while responding to a question from the Secretary to the Yobe State Government, Dr. Goje Mohammed.
The discussion focused on how partnerships between governments and the private sector could help women, particularly widows and victims of conflict, build sustainable sources of income and wealth through investment.
Dangote said the Aliko Dangote Foundation would partner with state governments to enable vulnerable women to participate in the refinery’s share offering.
He said the Foundation would not only help the women buy shares but would also donate additional shares to participating beneficiaries, which they could keep as long-term assets.
“We are partnering with state governments to ensure that widows and other vulnerable women are able to buy shares in the refinery,” Dangote said.
He added: “Beyond enabling them to buy shares, the Foundation will also support them by donating additional shares that they can hold as savings for the future.”
According to him, the initiative is expected to reach about two million women nationwide. “We are looking at reaching about two million women through this initiative,” he said.
The programme is part of the broader objectives of the Dangote Refinery “People’s IPO”, which is aimed at widening access to ownership of the $20 billion refinery by allowing more Nigerians to become shareholders.
The initiative is expected to benefit women in conflict-affected communities, including widows and other vulnerable households that have suffered economic hardship as a result of insecurity.
By giving them access to equity ownership, the Foundation hopes to help beneficiaries build assets that could provide financial support over the long term.
The partnership with state governments is expected to provide a structured system for identifying eligible women and supporting their participation in the IPO.
The initiative also seeks to promote financial inclusion by bringing people who may otherwise have limited access to the capital market into direct ownership of a major Nigerian business.
For participating women, the share ownership would provide an opportunity to build savings and potentially benefit from future returns associated with their investment in the refinery.
The refinery IPO is, therefore, expected to serve not only as a capital-raising exercise but also as part of a broader effort to spread ownership of the landmark industrial project among Nigerians.
