The Aliko Dangote Foundation has announced a share grant scheme that could see eligible Nigerian tertiary students receive an additional 10 shares in the Dangote Refinery IPO for free.
Eligible students who verify their status and apply personally for at least 10 shares on the student channel, may be eligible to have the Foundation fund another 10 shares on their behalf.
At N525 per share, students will have to come up with N5,250 to purchase the minimum 10 shares. If an eligible student applies for 10 shares and is allocated, they will have to come up with another N5,250 to purchase another 10 shares if both applications are fully allotted; 20 shares worth N10,500.
The News Chronicle reports that the scheme is meant to promote financial literacy and encourage young Nigerians to participate responsibly in the capital market.
The scheme is open to eligible students of Nigerian universities, polytechnics, colleges of education and other recognised tertiary institutions, but not postgraduate students.
ADF stressed that the additional shares are not guaranteed, even after eligibility and verification.
While the Dangote Refinery IPO, which opened on September 14, offers 4.1 billion shares at N525 each, and is set to close on October 13, is the target investment.
The Foundation said the grant applies only to the refinery IPO and does not cover other Dangote Group investments.
