The Aliko Dangote Foundation is planning to help about two million vulnerable Nigerian women acquire shares in Dangote Petroleum Refinery and Petrochemicals Limited as part of efforts to expand public ownership of the facility.

The initiative will be implemented in partnership with state governments and will focus particularly on widows, women affected by conflicts and other vulnerable groups.

President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, disclosed the plan in New York during the 81st United Nations General Assembly.

He said the foundation would work with state governments to support eligible women who want to participate in the refinery’s planned initial public offering.

Beyond helping the beneficiaries purchase shares, Dangote said the foundation would also provide additional shares to participating women, which they could retain as a long-term financial asset.

“We are looking at reaching about two million women through this initiative,” he said.

The programme forms part of the refinery’s “People’s IPO”, which is designed to increase Nigerian participation in the ownership of the 700,000-barrels-per-day refinery.

The initiative is expected to target women in conflict-affected communities and households facing economic difficulties, giving them an opportunity to build financial assets through equity ownership.

Through the partnership, state governments and the foundation will facilitate access to the IPO for eligible beneficiaries, while the additional shares donated by the foundation will provide further long-term financial support.