About this opportunity
The Aliko Dangote Foundation has opened the Women Share Grant Initiative, a subscription grant tied to the public offer of Dangote Petroleum Refinery and Petrochemicals FZE. Rather than asking women to invest on their own, the Foundation pays for additional shares on top of the ones she subscribes for, with an indicative national target of two million women, most of them first time applicants who are low or middle income.
There are two ways in. Under the matching track, a woman who earns ₦100,000 or less a month subscribes for at least 10 shares at ₦525 each, which costs ₦5,250, and ADF funds another 10 shares in her name. A participating State Government or the FCT Administration can also fund the first 10 shares for women chosen from its own welfare registers. Under the unconditional track, ADF funds the whole 20 share subscription, worth ₦10,500, for verified members of its programmes, including CRoWN, ADFIN and Mu Shuka Iri, and for confirmed service widows, neither of whom has to buy shares first.
Apply through the Foundation's own portal, because subscriptions taken through other IPO channels do not count for the grant. The form asks for your identity, contact, bank and investor details, and you must pass the investor identity and KYC checks the offer requires. If you do not already have a CSCS account, one is created for you through Vetiva. Everything allotted is registered in your name and ADF pays its contribution to the issuing house, never as cash to you or to a sponsor. The offer closes on 13 October 2026, and the Foundation is candid that allotment is not guaranteed and that share prices can fall, so treat this as an entry point into ownership rather than a promise of returns.
What you receive
- ADF funds 10 extra Dangote Refinery IPO shares, worth ₦5,250, on top of the 10 shares you subscribe for yourself
- ADF funds the full 20 share subscription, worth ₦10,500, for unconditional grant beneficiaries
- Every allotted share is registered in your own name and credited to your CSCS account
- A CSCS account is created for you through Vetiva if you do not already have one
- ADF covers the applicable costs on its grant shares, with no deduction from the grant
- You keep full control of your bank and CSCS accounts, and of any later sale
- SMS confirmation of both your application and any allotment comes from NGX and Vetiva
Who can apply
- Be a woman aged 18 or older who resides in Nigeria or is a Nigerian citizen
- Independent applicants must earn ₦100,000 or less a month and fund at least the minimum 10 share subscription themselves
- Verified members of designated ADF programmes, including CRoWN, ADFIN and Mu Shuka Iri, qualify for the 20 share unconditional grant
- Non commissioned servicewomen, and the wives and widows of servicemen holding those ranks, qualify for the matching track once the relevant service confirms rank and relationship
- Service widows confirmed by the relevant security service qualify for the unconditional grant with no purchase of their own
- Women nominated by a participating State Government or the FCT Administration are selected under that government's own welfare criteria
- You must satisfy the investor identity and KYC requirements of the Dangote Refinery offer
Who should not apply
- One ADF share grant per person, on a one time basis across all ADF schemes including the Student Share Grant Initiative
- Subscriptions made through IPO channels other than the ADF portal do not qualify for the grant
- State or FCT sponsorship is not required, and if your state does not participate you can still apply as an independent applicant
Documents to prepare
- Bank Verification Number (BVN)
- Active phone number and email address for NGX and Vetiva alerts
- State and Local Government Area of residence
- Profession, employment status and income band as requested on the form
- Bank account details in your own name for the CSCS holding
- Proof of verified ADF programme affiliation, or confirmation of rank and relationship, for the grant track you claim
How to apply
- Read the initiative page at https://ipo.alikodangotefoundation.org/women, including the Terms and Conditions and Privacy Notice
- Open the application form at https://ipo.alikodangotefoundation.org/women/apply
- Answer the category question on serving female personnel, spouses and widows, then give your full name, date of birth, BVN, phone, email, state, LGA, profession, employment status and income band
- Accept the Terms and Conditions and Privacy Notice, then proceed to the subscription step
- Fund at least the minimum 10 share subscription of ₦5,250 through the designated channel if you are on the matching track
- Complete the investor identity and KYC checks and keep your registered phone number active for the allotment alerts
Selection process
- The Foundation verifies your category, and where the income ceiling applies it checks your earnings against authorised partner databases rather than taking membership of an organisation as proof
- Your subscription and the ADF funded subscription both pass through the approved allotment process for the offer, regulated by the Securities and Exchange Commission
Sources and verification
Questions applicants ask
How much do I pay and what does ADF add?
Shares are priced at ₦525 each, so the minimum subscription of 10 shares costs ₦5,250. Under the matching track ADF funds a further 10 shares in your name, making the intended combined minimum 20 shares worth ₦10,500.
Do I need a CSCS account before I apply?
No. If you do not already have a Central Securities Clearing System account, one is created for you through Vetiva once you meet the offer's KYC requirements. If you have one, provide its accurate details.
Is the grant paid to me in cash?
No. ADF pays its grant funding directly through the designated issuing house, and any shares allotted are held solely in your name. Refunds, where they apply, follow the approved offer arrangements.
Are 20 shares guaranteed?
No. Twenty shares is the intended minimum combined subscription. Actual allotment depends on the approved process, and neither eligibility, payment nor an accepted application guarantees the full number requested.
Is there a version for students?
Yes. A separate ADF Share Grant Initiative track is open to students of public and private tertiary institutions in Nigeria who are 18 or older, where ADF funds 10 additional shares after the student subscribes for at least 10.
How do I avoid fraud on this programme?
Apply only through the official portal and pay only through the instructions given there. The Foundation has warned that no one should be paid in exchange for a grant or a guaranteed allotment, and grant funds never move as cash to beneficiaries, agencies or sponsors.
Important disclaimer
Nextali researches and curates useful opportunities to make discovery easier. Before applying, verify every timeline, requirement, fee and application link on the official provider website. Do your own research into the organisation, its background and the authenticity of the offer. Nextali does not guarantee selection, funding or the conduct of third party providers.
