FG Hails Dangote’s Plan to Give 4 million Students Refinery IPO Shares

By Adedapo Adesanya

The Minister of Education, Mr Tunji Alausa, has commended Mr Aliko Dangote and the Aliko Dangote Foundation (ADF) for plans to give out Initial Public Offering (IPO) shares of Dangote Refinery to up to four million eligible Nigerian tertiary institution students.

The initiative will provide each eligible student aged 18 and above with 10 IPO shares, without requiring them to make an initial investment or purchase the shares themselves.

The Director of Press and Public Relations of the Federal Ministry of Education, Mrs Folasade Boriowo, disclosed this in a statement on Monday.

Mr Alausa said the initiative would expose students to capital markets, responsible investing and long-term financial planning, helping to promote financial independence and economic participation.

He added that the programme aligns with the Nigeria Education Sector Renewal Initiative (NESRI) and President Bola Tinubu’s Renewed Hope Agenda by linking education with enterprise, human capital development and inclusive economic growth.

The minister reaffirmed the ministry’s commitment to partnerships with the private sector to improve education quality, relevance and access while equipping students with skills for a changing economy.

However, Mr Alausa clarified that the ministry’s commendation recognised the educational and developmental benefits of the initiative and did not constitute an endorsement of any particular investment decision.

He urged other corporate organisations to support similar initiatives to promote financial literacy, economic productivity and entrepreneurship among Nigerian youths.

The ongoing IPO has attracted participation from investors across Africa and around the world, according to a statement by Dangote Petroleum Refinery & Petrochemicals on Sunday, adding that subscriptions have been received from more than 90 countries, including investors from 51 of Africa’s 54 nations.

“The unprecedented level of participation positions the transaction as Africa’s first truly pan-African public offering, reflecting strong investor confidence in African-led industrialisation and a growing desire among Africans to own strategic assets built on the continent,” it said.

The company noted that the IPO has already set new benchmarks in the capital markets, breaking the Nigerian market record on its opening day and surpassing the previous African record within its first ten days, driven by robust demand from retail investors, pension funds, institutional investors, asset managers, and members of the investing public.