The Aliko Dangote Foundation (ADF) has launched a Share Grant Initiative that will give eligible Nigerian tertiary institution students an opportunity to receive a Foundation-funded application for 10 additional shares in the Dangote Petroleum Refinery and Petrochemicals FZE Initial Public Offering (IPO).
Under the initiative, eligible students who successfully complete the required verification and apply for at least 10 shares through the designated student channel could have ADF fund a separate application for another 10 shares on their behalf.
With the IPO price fixed at ₦525 per share, the minimum subscription of 10 shares costs ₦5,250.
This means that an eligible student who invests ₦5,250 to purchase 10 shares could eventually receive up to 20 shares valued at ₦10,500 at the offer price if the Foundation funds the additional application and both applications receive full allotment.
The Foundation, however, stressed that the additional shares are not automatically guaranteed.
According to ADF, it retains discretion over whether to fund an additional application, while the eventual allotment of shares will also depend on the terms and outcome of the IPO.
The initiative is aimed at promoting financial literacy among young Nigerians and encouraging responsible participation in the country’s capital market.
Students currently enrolled in recognised federal, state and private universities, polytechnics, colleges of education and other tertiary institutions in Nigeria are eligible to participate.
Postgraduate students are, however, excluded from the initiative.
To participate, students are required to apply through the designated ADF student portal, provide the necessary information for verification and subscribe for a minimum of 10 shares in the Dangote Refinery IPO.
Applicants’ student status will be verified using information including their names and matriculation numbers.
Regardless of the number of shares purchased by an eligible student, the Foundation’s funded application is limited to 10 shares, valued at ₦5,250 at the IPO offer price.
Consequently, a student who subscribes for 10 shares and another who purchases 100 shares would each be eligible for a maximum Foundation-funded application of 10 additional shares, subject to the conditions of the programme.
ADF also clarified that verification of an applicant as a student is different from the Know Your Customer (KYC) requirements governing participation in the IPO.
This means that successfully passing the Foundation’s student verification process does not automatically mean that an applicant has satisfied the KYC requirements for the public offer.
Similarly, meeting the KYC requirements does not guarantee that the Foundation will fund an additional application for the student.
The Foundation further clarified that it is not the issuer, issuing house, registrar or stockbroker for the IPO.
Applications, payments, share allotments and refunds will therefore continue to be governed by the IPO prospectus and applicable capital market regulations.
The Dangote Petroleum Refinery and Petrochemicals FZE IPO opened on September 14, 2026, following approval by the Securities and Exchange Commission.
The public offer is scheduled to close on October 13, 2026.
Under the IPO, 4.1 billion shares are being offered at ₦525 per share, with the company seeking to raise approximately ₦2.15 trillion.
The minimum subscription is 10 shares, requiring an investment of ₦5,250.
Following the completion of the offer and allotment process, the shares are expected to be listed on the Nigerian Exchange.
The Foundation said the Share Grant Initiative applies exclusively to the Dangote Refinery IPO and cannot be transferred or used to purchase shares in another company.
Eligible students interested in participating are therefore expected to complete the required processes within the IPO period, while recognising that the Foundation-funded application and eventual allotment of shares remain subject to the applicable conditions.
