Aliko Dangote has unveiled a major initiative to help up to two million vulnerable women across Nigeria acquire shares in the Dangote Refinery's Initial Public Offering (IPO). The announcement was made in New York during the 81st United Nations General Assembly, where Dangote responded to a question from Yobe State Secretary to the State Government, Dr Goje Mohammed.
Partnership with State Governments to Identify Beneficiaries
The Aliko Dangote Foundation will collaborate with state governments to identify widows and other vulnerable women, supporting them to participate in the ongoing IPO of Dangote Petroleum Refinery and Petrochemicals Limited. Dangote stated, "We are partnering with state governments to ensure that widows and other vulnerable women are able to buy shares in the refinery."
The support extends beyond the initial share purchase. The foundation plans to donate additional shares to participating women, which they can retain as long-term financial assets. "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 added.
Targeting Two Million Women Nationwide
The programme is expected to reach approximately two million vulnerable women across Nigeria, providing an opportunity for women from disadvantaged communities to gain an ownership stake in one of the country's largest private-sector investments. The initiative is linked to the Dangote Refinery's "People's IPO," designed to broaden Nigerian participation in the refinery's ownership, valued at about $20 billion.
The scheme holds particular relevance for conflict-affected states such as Yobe, where prolonged insecurity has disrupted livelihoods and placed significant economic pressure on vulnerable households. By helping eligible women acquire shares, the Dangote Foundation and participating state governments aim to promote financial inclusion, asset ownership, and long-term wealth creation.
Context and Impact on Financial Inclusion
The announcement follows Dangote's recent business expansions, including the closure of six businesses and the announcement of three new multi-billion dollar firms. The refinery IPO is part of broader efforts to increase Nigerian participation in major economic assets.
Dr Goje Mohammed's question during the UNGA session focused on how public-private partnerships could help conflict-affected communities develop sustainable income sources and rebuild economic livelihoods. The Dangote Foundation's initiative directly addresses this by providing vulnerable women with a tangible financial asset.
The programme's success will depend on effective collaboration between the foundation and state governments in identifying and reaching eligible women. The initiative represents a significant step toward economic empowerment for women in Nigeria, with the potential to reshape financial inclusion in underserved communities.
