Dangote to support 2m women with refinery shares

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The President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has said the Aliko Dangote Foundation will partner with state governments to help about two million vulnerable women acquire shares in Dangote Petroleum Refinery and Petrochemicals Limited.

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Dangote disclosed this in New York during the 81st United Nations General Assembly while responding to a question from the Secretary to the Yobe State Government, Dr Goje Mohammed, on how public-private partnerships could help conflict-affected communities, particularly widows, build sustainable financial futures.

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According to Dangote, the foundation would work with state governments to enable widows, victims of conflict and other vulnerable women to participate in the refinery’s planned initial public offering.

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

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He said the foundation would also donate additional shares to women who invest in the IPO, allowing them to build long-term savings through equity ownership.

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“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.

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

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The programme is part of the broader Dangote Refinery “People’s IPO”, which is aimed at expanding Nigerian participation in the ownership of the 700,000-barrel-per-day refinery through the sale of shares.

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The proposed partnership is expected to focus particularly on vulnerable women in conflict-affected communities, including widows and households facing economic hardship.

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Under the arrangement, state governments and the foundation would facilitate eligible women’s participation in the IPO, while the additional shares donated by the foundation would give beneficiaries a longer-term financial asset.

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