Dangote targets two million women with refinery IPO shares

By Abubakar Yunusa

President of Dangote Industries Limited, Aliko Dangote, has announced plans to support two million vulnerable women across Nigeria to acquire shares in the Dangote Petroleum Refinery and Petrochemicals Limited.

The beneficiaries are expected to include widows and women affected by conflicts and insecurity across the country.

Dangote disclosed this in New York while responding to a question from the Secretary to the Yobe State Government, Dr Goje Mohammed, during the 81st United Nations General Assembly.

He said the Aliko Dangote Foundation would partner state governments to enable vulnerable women to participate in the refinery’s Initial Public Offering.

Dangote said the initiative was designed to help the beneficiaries build long-term wealth through equity ownership.

“We are partnering with state governments to ensure that widows and other vulnerable women are able to buy shares in the refinery,” he said.

The businessman added that the Foundation would go beyond helping the women purchase shares by donating additional shares to some participants.

“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,” Dangote explained.

According to him, the initiative is expected to reach about two million women nationwide.

“We are looking at reaching about two million women through this initiative,” he added.

The programme forms part of the Dangote Refinery’s proposed “People’s IPO”, which seeks to broaden Nigerians’ participation in the ownership of the multi-billion-dollar facility.

Dangote said the initiative would particularly benefit women in conflict-affected communities, including states such as Yobe.

Many vulnerable households in such communities continue to face economic hardship arising from years of insecurity.

The partnership with state governments, he said, would provide a structured framework for enabling vulnerable women to participate in the IPO.

The initiative is expected to give beneficiaries an opportunity to own financial assets and participate directly in the growth of one of Nigeria’s major private-sector investments.