File: Dangote Refinery
The Aliko Dangote Foundation has commenced the implementation of its share subscription grant initiative for Nigerian women, with the programme extending to eligible policewomen and military women.
The Dangote Group confirmed to The PUNCH that eligible female personnel in the police and military are among the beneficiaries covered by the initiative, which targets up to two million Nigerian women through the ongoing Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE.
The initiative, which was announced by the foundation recently, is aimed at increasing women’s participation in Nigeria’s capital market, particularly among low- and middle-income earners and vulnerable women.
Under the programme, eligible women can access grants to acquire shares in the Dangote refinery, promoting equity ownership, savings and long-term investment, as well as creating opportunities for wealth creation through participation in the capital market.
In a statement on Wednesday, the foundation said the beneficiaries include independent applicants earning N100,000 or less per month, verified participants in designated ADF programmes such as CRoWN, ADFIN and Mu Shuka Iri, “eligible non-commissioned servicewomen and service spouses, as well as verified service widows”.
An official of the group confirmed to The PUNCH that the “eligible non-commissioned servicewomen” category covers policewomen and military women.
The foundation said eligible independent applicants who subscribe to a minimum of 10 shares would receive an ADF-funded application for an additional 10 shares in their names under the matching grant track.
Under the unconditional grant track, the foundation will fund applications for 20 shares on behalf of eligible beneficiaries who meet the programme’s eligibility, investor identification and Know Your Customer requirements.
The foundation said the second category covered verified beneficiaries from designated ADF programmes and verified service widows.
It said grant funds would be applied directly through the designated issuing house, stressing that no cash would be paid to beneficiaries, government agencies or sponsors.
“Any shares successfully allotted will be credited solely to the beneficiary and held in her name,” the foundation stated.
To participate, applicants must be Nigerian women aged 18 years and above, reside in Nigeria, meet the eligibility requirements of their respective categories, and successfully complete the required identity verification and KYC processes.
The foundation said beneficiaries would receive no more than one ADF share grant across all its share grant schemes.
ADF is implementing the initiative in partnership with Vetiva Capital Management and the Nigerian Exchange Group through the Securities and Exchange Commission-approved IPO subscription infrastructure.
The foundation disclosed that it would neither receive nor hold applicants’ or sponsors’ subscription funds, adding that applications, payments, allotments and refunds would be handled in line with the IPO prospectus, regulatory requirements and approved basis of allotment.
It also said applicants did not need an existing Central Securities Clearing System account, as accounts would be created through Vetiva where necessary after completion of the IPO’s KYC requirements.
The foundation explained that eligible independent applicants could submit their applications exclusively through its official portal, while beneficiaries affiliated with ADF programmes and verified service widows would receive application guidance through approved Foundation channels.
As the offer closes on October 13, ADF urged prospective participants to remain vigilant against fraud, warning applicants against making payments to agents, individuals or personal bank accounts in exchange for grants or guaranteed allotment.
It also advised applicants not to share passwords, PINs or one-time passwords, and to verify unexpected payment requests or online links through official channels before taking action.
The foundation said the initiative was part of its commitment to inclusive economic empowerment and broadening access to investment opportunities for Nigerian women.
Dare Olawin is a journalist at Punch Newspapers with over a decade of reporting experience. He began his career as a community reporter and now covers the energy sector, including oil, gas, electricity, and renewables. Dare’s work reflects hands-on newsroom experience, professional development through workshops and conferences, and a strong commitment to accurate and insightful journalism.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Contact: [email protected]
Stay in the know—fast. Get instant alerts, breaking headlines, and exclusive stories with the Punch News App. Download now and never miss a beat.
