The Aliko Dangote Foundation (ADF) has launched a share subscription grant programme aimed at helping up to two million Nigerian women participate in the capital market through the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE.
The Women’s Share Subscription Grant Initiative is targeted particularly at low- and middle-income earners and vulnerable women, with the foundation saying the programme is designed to widen access to equity ownership and encourage long-term savings and investment.
Under the initiative, eligible women can receive support to subscribe for shares in the IPO through two different tracks.
The Matching Grant Track is available to eligible independent applicants earning ₦100,000 or less monthly. Women in this category who subscribe for a minimum of 10 shares will receive an ADF-funded application for an additional 10 shares in their names.
The Unconditional Grant Track, meanwhile, provides eligible beneficiaries with funding for 20 shares, subject to meeting the programme’s eligibility, investor identification and Know Your Customer (KYC) requirements.
This category includes verified participants in designated ADF programmes such as CRoWN, ADFIN and Mu Shuka Iri, as well as eligible non-commissioned servicewomen, service spouses and verified service widows.
The foundation said grant funds would be paid directly through the designated issuing house, rather than handed to beneficiaries in cash. Any shares allotted under the programme will be credited to the beneficiary and held in her name.
To qualify, applicants must be Nigerian women aged 18 or above, reside in Nigeria and meet the requirements for their respective category. They must also complete the required identity verification and KYC processes and can receive only one ADF share grant across all the foundation’s share grant schemes.
The programme is being implemented in partnership with Vetiva Capital Management and Nigerian Exchange Group (NGX), using the Securities and Exchange Commission (SEC)-approved IPO subscription infrastructure.
ADF said it would not receive or hold applicants’ subscription funds, adding that applications, payments, allotments and refunds would be handled in line with the IPO prospectus, regulatory requirements and approved basis of allotment.
Participation in the programme is voluntary. The foundation also cautioned prospective investors that share prices can rise or fall, dividends are not guaranteed and depend on whether they are declared, while neither share allotment nor investment returns are assured.
Women participating in the scheme do not need to already have a Central Securities Clearing System (CSCS) account. Where required, accounts will be created through Vetiva after applicants successfully complete the necessary KYC process.
Eligible independent applicants can apply through the official ADF portal, while beneficiaries of the foundation’s programmes and verified service widows will receive guidance through approved ADF channels.
The offer closes on October 13, 2026.
ADF also warned applicants to be wary of fraudsters, stressing that no payment should be made to individuals, agents or personal bank accounts in exchange for grants or promises of guaranteed share allotment.
It further advised applicants not to share passwords, PINs or one-time passwords (OTPs), and to verify any unexpected payment request or online link through the foundation’s official channels.
The foundation said the initiative was part of its broader effort to expand financial inclusion and give more Nigerian women an opportunity to participate in long-term wealth creation through the capital market.
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