The Aliko Dangote Foundation has detailed how its N40 billion share scheme will work. It promises matching shares to eligible students and vulnerable women who buy into the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO).
The Foundation’s Managing Director and CEO, Zouera Youssoufou, explained the plan during an ARISE News interview on Wednesday, October 7.
She said the goal is to draw in two groups that rarely invest in the capital market. 
How the Dangote Foundation’s Matching Offer Works
The IPO prices shares at N525 each, with a minimum of 10 shares, or N5,250. Under the scheme, a beneficiary buys those 10 shares and the Foundation adds 10 more at its own cost, giving them 20 in total.
The matching allocation is capped at 10 shares. A student who buys 100 shares still receives only 10 free ones. Youssoufou said beneficiaries are encouraged, though not forced, to hold their shares for a year.
For students, the Foundation has set aside about N25 billion to guarantee matches for the first five million applicants.
Who Qualifies for the Scheme
Student applicants must be at least 18 and enrolled at a Nigerian university or polytechnic. Grades don’t matter. Enrolment is verified through portals such as JAMB and NELFUND, and the Foundation is working with the Ministry of Education.
Applicants register through the Foundation’s dedicated platform at ipo.alikodangotefoundation.org.
The women’s track is aimed at up to two million vulnerable women. Youssoufou said this covers widows, women living in extreme poverty and women with disabilities. The Dangote Foundation is drawing on registers held by the armed forces and the Ministry of Women’s Affairs to identify them.
No Revenue Target, Says Foundation
Youssoufou stressed that the scheme is charity, not a fundraising drive. She said the Dangote Foundation will publish the number of students and women who sign up, and how many go on to buy shares. On revenue, she said bluntly: “We don’t have a target.”
She added that some details, especially how different groups of vulnerable women are treated, are still being finalised.
Deadline and What Comes Next
The IPO, which offers 4.1 billion shares in a bid to raise about N2.15 trillion, closes on October 13, so the Foundation has only days to finalise its plans. Allotment is expected around November 11, with listing on the Nigerian Exchange (NGX) in November or early December.
For students and women who qualify, the bigger test is whether the Dangote Foundation can get its verification process running in time. It also remains to be seen how many first-time investors stay on after the one-year holding period.
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