The Aliko Dangote Foundation (ADF) has introduced a share subscription grant programme targeting up to two million vulnerable and low- and middle-income Nigerian women, in a move aimed at expanding financial inclusion and access to investment opportunities.
The initiative, known as the Women’s Share Subscription Grant Initiative, will enable eligible women to participate in the ongoing initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE through grants designed to support share subscriptions.
According to the Foundation, the programme seeks to promote savings, encourage long-term investment and give more women an opportunity to build wealth through equity ownership.
The initiative provides two categories of support: the Matching Grant Track and the Unconditional Grant Track.
Under the Matching Grant Track, eligible independent applicants earning N100,000 or less monthly who subscribe to a minimum of 10 shares will receive funding from the Foundation for an additional 10 shares in their names.
The Unconditional Grant Track, meanwhile, provides funding for 20 shares for eligible beneficiaries who satisfy the programme’s participation criteria, investor identification requirements and Know Your Customer (KYC) verification procedures.
Beneficiaries under the second category include verified participants in designated Foundation programmes, such as CRoWN, ADFIN and Mu Shuka Iri, as well as verified service widows.
Eligible non-commissioned servicewomen and spouses of service personnel may also participate, subject to the applicable requirements.
Eligibility and Application Requirements
The Foundation stated that applicants must be Nigerian women aged 18 and above, resident in Nigeria, and meet the eligibility conditions applicable to their respective categories.
Applicants must also complete the required identity verification and KYC procedures before receiving support under the initiative.
To ensure transparency, the grant funds will be paid directly through the designated issuing house rather than handed to beneficiaries in cash.
The Foundation explained that any shares allotted through the programme would be registered solely in the beneficiary’s name.
It also clarified that each eligible woman could receive only one share grant under its various share grant schemes.
The programme is being implemented in partnership with Vetiva Capital Management and Nigerian Exchange Group (NGX), using the subscription infrastructure approved by the Securities and Exchange Commission (SEC).
ADF further stated that it would neither collect nor hold subscription funds belonging to applicants or sponsors. Applications, payments, allotments and refunds will be handled in accordance with the IPO prospectus, relevant regulations and the approved basis of allotment.
Foundation Warns Against Investment Scams
As interest in the initiative grows, the Foundation has cautioned prospective beneficiaries against fraudsters who may attempt to exploit the programme.
Applicants have been advised not to pay agents, individuals or personal bank accounts in exchange for grants or promises of guaranteed share allotment.
The Foundation also warned against disclosing sensitive security information, including passwords, personal identification numbers and one-time passwords, to third parties.
It urged applicants to verify suspicious payment requests and unfamiliar online links through its official communication channels.
On investment risks, ADF emphasised that participation in the initiative does not guarantee share allotment or financial returns.
It noted that share prices may rise or fall, while dividends are payable only when declared.
The Foundation also clarified that applicants do not need an existing Central Securities Clearing System (CSCS) account to participate. Where necessary, an account will be created through Vetiva after the applicant successfully completes the required IPO verification process.
Eligible independent applicants are expected to apply through the Foundation’s official portal, while beneficiaries of designated ADF programmes and verified service widows will receive guidance through approved Foundation channels.
The offer is scheduled to close on October 13, 2026.
Through the initiative, the Foundation aims to widen women’s access to Nigeria’s capital market and create opportunities for more women to participate in long-term investment and wealth creation.
However, prospective beneficiaries are advised to review the official offer documents carefully and understand the risks associated with equity investment before subscribing.
