Aliko Dangote has announced plans for the Aliko Dangote Foundation to partner with state governments to help about two million vulnerable women acquire shares in Dangote Petroleum Refinery and Petrochemicals Limited.
Dangote, President and Chief Executive Officer of Dangote Industries Limited, disclosed this in New York during the 81st United Nations General Assembly.
He was responding to a question from the Secretary to the Yobe State Government, Dr Goje Mohammed, on how public-private partnerships could support conflict-affected communities, particularly widows, in building sustainable financial futures.
Dangote said the foundation would work with state governments to enable widows, victims of conflict and other vulnerable women to participate in the refinery’s Initial Public Offering.
“We are partnering with state governments to ensure that widows and other vulnerable women are able to buy shares in the refinery,” he said.
He added that the foundation would also donate additional shares to women who invest in the IPO, which they could hold as long-term savings.
“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,” Dangote added.
The initiative is linked to the Dangote Refinery’s “People’s IPO”, which seeks to broaden Nigerian participation in ownership of the 700,000-barrel-per-day refinery through the sale of shares.
Under the proposed arrangement, state governments and the foundation would facilitate eligible women’s participation in the share offering, while the additional shares donated by the foundation would provide beneficiaries with an additional financial asset.
The programme is expected to particularly target vulnerable women in conflict-affected communities, including widows and households facing economic hardship.
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