The Aliko Dangote Foundation (ADF) says 777,907 vulnerable women across 15 Nigerian states are set to benefit from 15.56 million shares in Dangote Petroleum Refinery and Petrochemicals under its Women Share Subscription Grant Initiative.

In a statement, the foundation’s managing director and chief executive officer, Zouera Youssoufou, said the initiative would enable eligible women to participate in the refinery’s initial public offering (IPO). The announcement comes as Dangote Petroleum Refinery and Petrochemicals extends its ongoing $1.6 billion IPO by two weeks. The offering, initially scheduled to close on October 13, was extended to accommodate broader participation across Africa following strong investor demand, Premium Times reported.

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Gombe State has become the first participating state to complete payment under the initiative, marking a milestone in its implementation, according to the foundation. Under the programme, each beneficiary is eligible to receive 20 shares at an indicative price of ₦525 per share, representing an allocation worth ₦10,500. State governments will finance 10 shares per beneficiary, while the foundation will cover the cost of the remaining 10.

Implementation will be overseen by a committee comprising representatives from the ministries of Finance and Economic Development, Women Affairs and Social Development, and Humanitarian Affairs and Poverty Reduction. The initiative runs alongside the foundation’s Tertiary Students Share Subscription Grant Initiative, which is designed to expand access to the IPO among eligible students. Under that programme, the foundation will sponsor 10 shares for each participating student at no cost.

Together, the initiatives form part of the foundation’s efforts to broaden participation in the refinery’s public share offering, extending access to women and students who might otherwise face financial barriers to investing.