Africa’s richest man’s foundation partners with 15 Nigerian states to give nearly 778,000 women refinery shares

The foundation of Africa’s richest man, Aliko Dangote, is partnering with 15 Nigerian state governments to provide refinery shares to nearly 778,000 vulnerable women at no cost to the beneficiaries. The initiative would give recipients a small ownership stake in the industrialist’s petroleum business as it seeks broader public participation through its share offering.

• Pickalbatros secured $250 million from IFC and Attijariwafa bank to expand its Moroccan hotel business.
• The funding supports two Casablanca hotel acquisitions and upgrades in Marrakech and Agadir.
• The Egyptian-owned group now operates nine hotels in Morocco, with over 2,700 rooms.
• The package also refinances existing debt, with final lender contributions and interest rates undisclosed.

Under the arrangement, each participating state will finance 10 shares per beneficiary, while the Aliko Dangote Foundation will fund another 10.

The scheme covers 777,907 women, representing approximately 15.56 million shares in Dangote Petroleum Refinery and Petrochemicals.

It forms part of a wider ambition to reach two million vulnerable women across Nigeria, extending equity ownership to people who may otherwise struggle to afford an investment.

According to Premium Times⁠, which cited a statement issued on Sunday by the foundation’s managing director and chief executive, Zouera Youssofou, 15 states have committed to participating. The announcement describes intended beneficiaries and allocations, rather than completed transfers to all the women.

At the stated indicative price of ₦525 per share, each woman’s 20-share allocation would be valued at ₦10,500. The combined allocation would have an indicative purchase value of approximately ₦8.17 billion, calculated from the beneficiary count and allocation price.

The participating states are Abia, Anambra, Borno, Ebonyi, Enugu, Gombe, Imo, Kebbi, Kwara, Lagos, Nasarawa, Niger, Plateau, Yobe and Zamfara.

The foundation said Gombe was the first participating state to make its full payment towards the programme.

The broader women’s programme was announced in September, when Dangote outlined plans to work with state governments to help vulnerable groups acquire refinery shares. The latest announcement provides a more specific indication of participation through the number of states and intended recipients.

The grants come during the refinery’s public share offering, which aims to raise approximately $1.6 billion, potentially increasing to $2.1 billion if an over-allotment option is exercised.

The application deadline was extended to 27 October to support wider participation, including access for investors elsewhere in Africa.

The programme’s immediate financial benefit is that state governments and the foundation cover the acquisition cost for participating women. Its long-term impact will depend on how the programme is implemented and how the underlying investment performs.

Share ownership could give recipients access to future distributions if dividends are declared. It does not guarantee regular income or an increase in the value of their holdings.

The initiative links philanthropy with capital-market participation by giving beneficiaries an ownership stake rather than a cash payment. The shares offer potential returns, but their value will depend on the company’s performance.