Aliko Dangote has announced plans to support about two million vulnerable women with shares in Dangote Petroleum Refinery and Petrochemicals Limited through an initiative involving his foundation and state governments.
Dangote disclosed the plan in New York during the 81st United Nations General Assembly while responding to a question about how public-private partnerships could support conflict-affected communities, particularly widows.
The Dangote Foundation is expected to work with state governments to help eligible women participate in the refinery’s planned initial public offering.
Dangote Foundation to donate additional shares
Dangote said the initiative would not only help vulnerable women purchase shares but would also provide additional shares to some beneficiaries as a form of long-term savings.
He said, “We are partnering with state governments to ensure that widows and other vulnerable women are able to buy shares in the refinery.”
The businessman added, “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.”
According to Dangote, the initiative is targeting about two million women, particularly those affected by conflict and economic hardship.
Initiative linked to Dangote Refinery IPO
The programme is part of the broader Dangote Refinery “People’s IPO”, which is intended to expand Nigerian participation in the ownership of the 700,000-barrel-per-day refinery through the sale of shares.
The proposed arrangement will involve state governments and the Dangote Foundation facilitating eligible women’s participation in the IPO, while donated shares would provide beneficiaries with an additional financial asset.
Dangote said, “We are looking at reaching about two million women through this initiative.”
The plan places widows and other vulnerable women among the groups being targeted for participation in the refinery’s planned share offering.