The Aliko Dangote Foundation has said it has begun the implementation of its share subscription grant project for Nigerian women. The program has extended to the qualifying policewomen and military women.
Our correspondent was told by the Dangote Group that the beneficiaries include eligible female personnel in the police and military. The initiative is intended to reach up to two million Nigerian women through the ongoing Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE.
The project, just unveiled by the foundation, is designed to boost the involvement of women in Nigeria’s capital market, particularly the low and middle income earners and the vulnerable women, The PUNCH learnt.
The Dangote Women Program is to enable qualified women to receive grants to purchase shares in the Dangote refinery, thus boosting equity ownership, savings and long-term investment, and enabling prospects for wealth development through capital market participation.
In a statement yesterday, the foundation said beneficiaries include independent applicants earning N100,000 or less per month, verified participants in designated ADF programs including CRoWN, ADFIN and Mu Shuka Iri, “eligible non-commissioned servicewomen and service spouses, as well as verified service widows”.
“A category of ‘eligible non-commissioned servicewomen’ includes police and military women,” a group official told our correspondent.
The foundation said eligible independent candidates who contribute to a minimum of 10 shares will get an ADF-funded application for an additional 10 shares in their names under the matching grant track.
Under the unconditional grant track, the foundation will pay for applications for 20 shares on behalf of eligible beneficiaries who meet the programme’s eligibility, investor identification and Know Your Customer standards.
The second category was for validated recipients from selected ADF programs and verified service widows, the charity added.
The grant funds will be applied directly through the designated issuing house, it added, stressing that no cash would be handed to beneficiaries, government agencies or sponsors.
“All successfully allotted shares will be credited to the beneficiary only and held in her name,” the charity said.
Eligibility: All applicants must be Nigerian women aged 18 years and above, resident in Nigeria, eligible for their respective categories and must have successfully completed the requisite identification verification and KYC processes. African Art Shop .
The foundation noted that beneficiaries would receive just one ADF share award under all share grant schemes of the organization.
The project is being executed by ADF in collaboration with Vetiva Capital Management and the Nigerian Exchange Group, using the Securities and Exchange Commission-approved IPO subscription infrastructure.
The foundation said it would not collect or store subscription money from applicants or sponsors. It said applications, payments, allotments and refunds would be processed according to the IPO prospectus, regulatory regulations and approved basis of allotment.
It further stated that applicants do not need an existing Central Securities Clearing System account as accounts will be created with Vetiva where appropriate on completion of the IPO’s KYC criteria.
The foundation said qualified independent candidates will only apply through the foundation’s official portal while ADF program participants and verified military widows would be advised on how to apply through recognised Foundation channels.
ADF advised prospective participants to be on guard against fraud as the offer closes on October 13. The agency warned applicants against making payments to agents, people or personal bank accounts in exchange for grants or guarantyd allotment.
It also warned candidates against sharing passwords, PINs or one-time passwords, and to check any unusual payment requests or online connections through legitimate means before proceeding.
The foundation said the program was part of its commitment to inclusive economic empowerment and increasing access to investment possibilities for Nigerian women.
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