The Aliko Dangote Foundation (ADF) has launched a share subscription grant scheme aimed at helping up to two million Nigerian women participate in the capital market through the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE. The initiative targets women, particularly those in low- and middle-income groups and vulnerable categories, by helping them gain equity ownership and access potential long-term wealth creation opportunities.
Eligibility and Grant Tracks
The programme is open to Nigerian women aged 18 and above who live in Nigeria and meet the required eligibility and Know Your Customer (KYC) conditions. Eligible participants include independent applicants earning N100,000 or less monthly, verified beneficiaries of selected ADF programmes such as CRoWN, ADFIN and Mu Shuka Iri, eligible non-commissioned servicewomen and service spouses, and verified service widows.
ADF has created two grant options. The Matching Grant Track allows an eligible independent applicant to first subscribe for at least 10 shares, after which ADF funds an additional 10 shares in her name. The Unconditional Grant Track provides eligible beneficiaries who meet identification and KYC requirements with an ADF-funded application for 20 shares. In both cases, grant funds are paid directly through the designated issuing house. No cash is given to beneficiaries, agents or sponsors, and any shares allotted are registered in the beneficiary's name.
Step-by-Step Application Process
Applicants must confirm their eligibility first. They must be Nigerian women aged 18 or older, resident in Nigeria, and meet the requirements for their relevant beneficiary category. Each woman can receive only one ADF share grant across the Foundation's share grant schemes.
Next, applicants must complete identity and KYC checks. They must provide the required identification information and successfully complete the IPO's KYC process. An existing Central Securities Clearing System (CSCS) account is not required. Where necessary, Vetiva will facilitate the creation of an account after successful KYC verification.
Applicants must then choose the appropriate application route. Independent applicants earning N100,000 or less per month should use the Matching Grant Track and subscribe for a minimum of 10 shares. Verified beneficiaries of designated ADF programmes and service widows should follow the Unconditional Grant Track through the Foundation's approved channels.
Submission must be done through the correct channel. Independent applicants must apply through the official ADF portal at ipo.alikodangotefoundation.org. Beneficiaries connected to ADF programmes and verified service widows will receive application instructions through approved Foundation channels.
Important Deadlines and Fraud Warnings
Applications, payments, allotments and refunds will be processed in line with the IPO Prospectus, regulatory requirements and the approved basis of allotment. ADF does not receive or hold applicants' subscription funds. The IPO closes on October 13, 2026.
ADF has warned applicants to guard against fraud. Applicants should never pay agents or individuals for grants or guaranteed allotments, and should not share passwords, PINs or one-time passwords (OTPs). Any unexpected payment request or online link should be verified through official channels before action is taken.
Participation is voluntary, and investors should note that share prices may fluctuate, dividends are only payable when declared, and neither share allotment nor investment returns are guaranteed. The Foundation said the initiative is intended to broaden women's access to investment opportunities and encourage greater participation in Nigeria's capital market.
