Gombe releases ₦149.2m for 28,284 women to buy Dangote Refinery shares

Gombe State has released ₦149.2 million to buy Dangote Petroleum Refinery shares for 28,284 vulnerable women. Each beneficiary will receive 20 shares through a partnership between the state government and the Aliko Dangote Foundation.

The initiative is part of Dangote’s plan to support up to two million vulnerable Nigerian women. Governor Muhammadu Inuwa Yahaya approved the counterpart funding to promote women’s economic empowerment and long-term financial security. The governor’s spokesman, Ismaila Uba Misilli, disclosed the development in a statement on Thursday.

How the share purchase works

The Gombe State Government will purchase 10 shares for each beneficiary, while the Aliko Dangote Foundation will provide another 10 shares at no cost. This means each woman will receive 20 shares valued at ₦10,500, based on the refinery’s offer price of ₦525 per share.

The programme will cover approximately 565,680 shares, benefiting women across Gombe’s 11 local government areas. A committee comprising representatives from the ministries of Finance and Economic Development, Women Affairs and Social Development, and Humanitarian Affairs and Poverty Reduction will oversee implementation.

The foundation said the initiative would help vulnerable women build financial assets and improve their households’ economic prospects. The Gombe partnership forms part of a broader empowerment programme through which Aliko Dangote hopes to support up to two million vulnerable Nigerian women. The intended beneficiaries include widows, women affected by conflicts and others facing significant economic hardship.

Broader empowerment push

Earlier in October, the foundation reportedly earmarked ₦40 billion to match share purchases by vulnerable women and students participating in the refinery’s initial public offering. Under the arrangement, participating state governments fund an initial allocation of shares, while the foundation contributes additional holdings. The initiative seeks to encourage long-term savings and introduce more Nigerians to equity ownership.

IPO and what it means

The empowerment programme comes as Dangote Petroleum Refinery moves to raise approximately ₦2.15 trillion through the sale of 4.1 billion shares at ₦525 each. The offer, described as Nigeria’s largest IPO, opened on September 14 and was initially scheduled to close on October 13 before being extended to October 27, 2026.

Dangote has also announced that investors applying for shares worth ₦50,000 or less will receive priority during allotment, potentially widening participation among small investors. He claimed investor demand had exceeded the offer target by three to four times, although independently verified subscription figures have not been released.

The refinery reportedly recorded approximately $4.7 billion in profit during the first nine months of 2026. Dangote, who owns about 92% of the Lekki-based refinery, has positioned the public offering as an opportunity for Nigerians to participate in the company’s ownership.

For the Gombe beneficiaries, the shares could provide a foundation for long-term wealth creation, although their future value and any dividend payments will depend on the refinery’s performance. The initiative represents a shift from conventional financial assistance towards asset ownership, potentially giving thousands of vulnerable women a lasting stake in Nigeria’s industrial economy.