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The Yobe state governor, Mai Mala Buni, Wednesday approved ₦230.62 million for the purchase of shares in Dangote Petroleum Refinery and Petrochemicals for 43,928 vulnerable women across the state’s 17 local government areas.
The initiative is designed to promote financial inclusion, economic empowerment and long-term asset ownership among vulnerable women, particularly those affected by insurgency and poverty.
A statement signed by the Director-General of Press and Media Affairs to the governor, Mamman Mohammed, said the approval followed engagements initiated by the Yobe state government during the 81st United Nations General Assembly (UNGA) in New York, United States.
The Secretary to the State Government (SSG), Dr Mohammed Goje, who represented the state at the engagements, sought a partnership with the Aliko Dangote Foundation to enable the beneficiaries to acquire shares in the refinery.
Under the proposed arrangement, the Yobe state government will fund the purchase of 10 shares for each of the 43,928 women at a cost of ₦230.62 million, while the Aliko Dangote Foundation is expected to provide an equivalent matching grant.
The partnership would bring the total investment to approximately ₦461.24 million, subject to applicable initial public offering (IPO) conditions and successful allotment of the shares.
Upon completion, each beneficiary is expected to own 20 shares registered in her name, with the shares credited to her individual Central Securities Clearing System (CSCS) account.
The programme will prioritise women from internally displaced households, widows with multiple dependants, women living with disabilities and those experiencing extreme poverty.
Speaking on the initiative, Goje said it demonstrated how high-level international engagements could be translated into practical investment opportunities for vulnerable citizens.
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