The Aliko Dangote Foundation (ADF) has introduced a Share Grant Initiative that could provide eligible Nigerian tertiary students with an application for an additional 10 shares in the Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) Initial Public Offering (IPO) at no cost to them.

Under the initiative, students who successfully complete verification and personally apply for at least 10 shares in the refinery IPO through the designated student subscription channel may qualify for ADF to fund and submit an application for another 10 shares on their behalf.

At the IPO offer price of N525 per share, students would need to invest a minimum of N5,250 to apply for 10 shares, while the additional 10-share application potentially funded by the Foundation would also be worth N5,250.

This means an eligible student who invests N5,250 could potentially receive an allotment of up to 20 shares with an offer value of N10,500 if both applications are fully allotted.

However, the Foundation stressed that neither its funding of the additional application nor the eventual allotment of the shares is guaranteed.

ADF encourages students’ participation in capital market

ADF said the initiative is designed to encourage financial literacy and responsible participation by eligible Nigerian students in the country’s capital market.

The Foundation explained that its role is limited to funding the additional share application made on behalf of eligible students.

  • “ADF funds the additional share application made on behalf of eligible students under the Initiative.”

It clarified that it is not the issuer of DPRP shares, Issuing House, Registrar, stockbroker or operator of the securities-market infrastructure through which the IPO is being conducted.

Consequently, applications, payments, allotments, refunds and the eventual holding of the shares remain governed by the DPRP IPO prospectus and applicable capital-market rules.

Who is eligible?

The initiative is open to students currently enrolled in qualifying private, federal or state government-owned tertiary institutions in Nigeria at the time of application.

Qualifying institutions include universities, polytechnics, colleges of education and other colleges categorised as tertiary institutions by the relevant Nigerian regulatory authorities.

However, postgraduate students are not eligible for the initiative.

To participate, eligible students are required to apply through the designated ADF student application portal, provide the required personal and student information, and subscribe for a minimum of 10 Dangote Refinery shares.

Student status will be verified using information such as the applicant’s name and matriculation number, which will be checked against an approved student verification process or database.

Additional grant capped at 10 shares

ADF said the additional application it may fund is limited to 10 shares per eligible student, regardless of how many shares the student personally applies for.

This means a student who applies for 10 shares, and another who applies for 100 shares would each be eligible for an ADF-funded application of no more than 10 additional shares.

At N525 per share, this puts the maximum value of the Foundation-funded application at N5,250 per eligible student.

The Foundation, however, stressed that meeting the eligibility requirements does not automatically entitle a student to the additional application.

  • “Participation in the Initiative and satisfaction of the applicable eligibility requirements do not create any entitlement to, or obligation on the part of Aliko Dangote Foundation to fund or submit an application for, any additional shares on behalf of a student.”

ADF said it retains discretion, subject to applicable laws and processes, to determine whether an additional application will be funded and submitted.

Even where the Foundation submits the application, the eventual number of shares allotted will remain subject to the terms of the DPRP IPO and its allotment process.

Student verification different from KYC

The Foundation also distinguished its student verification process from the Know Your Customer (KYC) requirements applicable to capital-market transactions.

Student verification only determines whether an applicant meets the eligibility requirements of the Share Grant Initiative.

KYC and other capital-market checks, on the other hand, determine whether the applicant can validly subscribe for and hold securities under the IPO.

This means passing the student verification process does not automatically mean an applicant will satisfy the KYC and other regulatory requirements necessary to participate in the IPO.

The Dangote refinery IPO

The Share Grant Initiative comes amid the ongoing Dangote Petroleum Refinery and Petrochemicals FZE IPO, which opened for subscription on September 14, 2026, following approval by the Securities and Exchange Commission (SEC).

The refinery is offering 4.1 billion ordinary shares at N525 per share, targeting about N2.15 trillion from the public offer. The minimum subscription is 10 shares, equivalent to N5,250, while the offer is scheduled to close on October 13, 2026.

The IPO has been positioned as a retail-focused offer aimed at broadening ownership of the refinery. Aliko Dangote has described the transaction as an opportunity to give ordinary Nigerians a stake in the business, while the shares are expected to be listed on the Nigerian Exchange following completion of the offer and allotment process.

Against this backdrop, the Aliko Dangote Foundation introduced its Share Grant Initiative to encourage financial literacy and responsible participation in the Nigerian capital market among eligible students.

Under the programme, eligible students who subscribe for at least 10 shares worth N5,250 through the designated student channel may qualify for ADF to fund and submit an application for another 10 shares worth N5,250 on their behalf, at no cost to the student.

The initiative applies exclusively to the Dangote Refinery IPO and cannot be used to acquire shares in other Dangote Group companies or securities issued by other companies.