DANGOTE: 2M VULNERABLE WOMEN TO BENEFIT FROM REFINERY IPO
Read Time:1 Minute, 30 Second
By: Fasasi Hammad
The President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has announced that the Aliko Dangote Foundation will partner with state governments to help about two million vulnerable women acquire shares in Dangote Petroleum Refinery and Petrochemicals Limited.
Dangote disclosed this in New York during the 81st United Nations General Assembly while 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.
He said the foundation would work with state governments to provide widows, victims of conflict and other vulnerable women with an opportunity to participate in the refinery’s planned 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,” Dangote said.
He added that the foundation would also donate additional shares to women who invest in the IPO, allowing them to build long-term savings through equity ownership.
“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,” he said.
Dangote said the initiative was expected to reach about two million women.
The programme is part of the broader Dangote Refinery “People’s IPO”, which seeks to expand Nigerian participation in the ownership of the 700,000-barrel-per-day refinery through the sale of shares.
The proposed partnership is expected to particularly target vulnerable women in conflict-affected communities, including widows and households facing economic hardship.
Under the arrangement, state governments and the foundation would facilitate eligible women’s participation in the IPO, while the additional shares donated by the foundation would provide beneficiaries with a long-term financial asset.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0