Dangote Foundation announces share grants for 778,000 women in Nigeria — Premium Times Nigeria
In Nigeria, the Aliko Dangote Foundation said that 777,907 socially vulnerable women in 15 states may receive a total of 15.56 million shares in Dangote Petroleum Refinery and Petrochemicals. The programme is being implemented under the Women Share Subscription Grant Initiative, Premium Times Nigeria reports.
Participation of states
Under the programme’s terms, each participant is entitled to 20 shares at an indicative price of 525 naira per share. Thus, the value of the package at this price is 10,500 naira. The government of the relevant state will finance 10 shares for each woman, while the foundation will provide another 10 shares as co-financing. The shares are to be free of charge for recipients.
The states of Abia, Anambra, Borno, Ebonyi, Enugu, Gombe, Imo, Kebbi, Kwara, Lagos, Nasarawa, Niger, Plateau, Yobe and Zamfara have confirmed participation in the programme. According to the foundation, Gombe State was the first among participants to fully pay its contribution to the programme.
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Purpose of the initiative
The foundation said it aims to expand financial inclusion and enable women to own a stake in one of Africa’s largest industrial enterprises. The foundation noted that for many programme participants, this could be their first experience of participating in the capital market.
The initiative is part of the Aliko Dangote Foundation’s plan to reach two million vulnerable women across all 36 states of Nigeria and the Federal Capital Territory. At the same time, the foundation is implementing a programme for students of higher education institutions, under which it supports applications for 10 shares for each participant free of charge.
IPO context
Dangote Petroleum Refinery and Petrochemicals is conducting an initial public offering of 4.1 billion shares at a price of 525 naira per unit. According to the publication, the $1.6 billion offering was extended by two weeks to broaden participation by investors from Africa after significant interest in the offer.
