The Aliko Dangote Foundation plans to work with state governments to help about two million vulnerable women acquire shares in Dangote Petroleum Refinery and Petrochemicals, as the refinery’s public offer enters its second week.
Aliko Dangote, president and chief executive officer of Dangote Industries Limited, disclosed this in New York during the 81st United Nations General Assembly.
The refinery’s IPO, which opened on September 14, offers 4.1 billion ordinary shares at N525 each and is scheduled to close on October 13. The minimum subscription is 10 shares, valued at N5,250.
Dangote said the foundation would partner with state governments to enable widows, victims of conflict and other vulnerable women to participate in the ongoing offer.
“We are partnering with state governments to ensure that widows and other vulnerable women are able to buy shares in the refinery,” he said.
He added that the foundation would donate additional shares to women who participate in the IPO, which they could hold as savings for the future.
“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 Dangote, the foundation is looking at reaching about “two million women through this initiative.”
The initiative is part of the broader “People’s IPO” strategy for the refinery, which Dangote has positioned as a way of widening ownership beyond existing investors.
The initiative was disclosed in response to a question from Goje Mohammed, secretary to the Yobe State Government, on how public-private partnerships could support conflict-affected communities, particularly widows.
Under the proposed arrangement, state governments would help identify and facilitate participation by eligible women, while the foundation would provide additional shares to participating beneficiaries.
The Dangote Refinery public offer is the largest IPO in Africa to date and has attracted significant retail investor interest since it opened, with some investment platforms reporting a surge in demand.
