Up to four million Nigerian students could receive shares in Dangote Petroleum Refinery and Petrochemicals FZE without buying them first under a plan praised by Education Minister Tunji Alausa, BusinessDay reported.
The Aliko Dangote Foundation is behind the student initiative. BusinessDay, citing ministry press director Boriowo Folasade, reported that students must be at least 18 to qualify for the proposed grant of 10 shares each. It also said the foundation may apply for additional shares on behalf of qualifying students at no cost to them.
Alausa said the plan would introduce students to investing and longer-term financial planning. He linked it to the Nigeria Education Sector Renewal Initiative and President Bola Tinubu’s Renewed Hope Agenda, according to BusinessDay. The minister said his praise for the initiative’s educational aims was not an endorsement of an investment decision.
The foundation is also working with state governments on a separate plan to provide refinery shares to 777,907 women in 15 states. Under that arrangement, each woman would receive 20 shares, with the foundation and her state government funding 10 each.
Dangote Petroleum Refinery and Petrochemicals FZE is offering 4.1 billion shares at 525 naira apiece, according to its official IPO extension notice. Applications close Oct. 27, and the issuer’s indicative timetable lists Nov. 3 for the collation of returns.
