The President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has announced plans to help about two million vulnerable women acquire shares in Dangote Petroleum Refinery and Petrochemicals Limited through a partnership between the Aliko Dangote Foundation and state governments.
Dangote disclosed this in New York during the 81st United Nations General Assembly while responding to a question on how public-private partnerships could support conflict-affected communities and widows in building sustainable financial futures.
According to him, the foundation will work with state governments to enable widows, victims of conflict and other vulnerable women to participate in the refinery’s planned Initial Public Offering (IPO).
“We are partnering with state governments to ensure that widows and other vulnerable women are able to buy shares in the refinery,” Dangote said.
He explained that the foundation would go beyond facilitating access to the shares by donating additional shares to participating women, helping them build long-term savings and financial security through equity ownership.
“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.
“We are looking at reaching about two million women through this initiative,” he added.
The initiative forms part of the Dangote Refinery “People’s IPO”, a programme designed to expand Nigerian participation in the ownership of the 700,000-barrel-per-day refinery through the sale of shares to members of the public.
The proposed partnership is expected to focus on vulnerable women, particularly widows and those living in conflict-affected communities or facing economic hardship.
Under the arrangement, state governments and the Aliko Dangote Foundation will help eligible women participate in the IPO, while the additional shares provided by the foundation will serve as a long-term financial asset for beneficiaries.
The initiative is expected to promote financial inclusion and broaden ownership opportunities in one of Nigeria’s largest industrial projects.
Credit: ThePunch
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