Nigerian students aged 18 and above can apply for 10 additional shares in Dangote Petroleum Refinery at no cost under a scheme introduced by the Aliko Dangote Foundation. However, applicants must first purchase at least 10 shares worth ₦5,250 and meet the foundation’s eligibility requirements.
The Student Share Grant Initiative is designed to encourage young Nigerians to save, invest and participate in the country’s capital market.
Under the programme, eligible students who successfully apply for shares in Dangote Petroleum Refinery and Petrochemicals FZE may qualify for another 10 shares funded by the foundation.
Each share costs ₦525, meaning a student who spends ₦5,250 on 10 shares could have a separate application for another 10 shares, also valued at ₦5,250, funded on their behalf.
If both applications are approved and fully allotted, the student would own 20 shares worth ₦10,500 at the offer price, having personally paid ₦5,250.
However, the foundation’s official terms make clear that the additional shares are not automatic. It retains the right to decide whether to fund an application, while the final allocation of shares remains subject to the rules governing the public offer.
Who qualifies for Dangote’s free shares?
The initiative targets students attending recognised public and private tertiary institutions across Nigeria.
According to the foundation’s eligibility conditions, applicants must be at least 18 years old and enrolled at a university, polytechnic or college of education.
Postgraduate students are excluded from the scheme.
Applicants must also have a valid Bank Verification Number (BVN), provide information confirming their student status and complete the necessary identity checks.
Students must purchase at least 10 shares through the foundation’s designated subscription channel. Buying shares through another bank, stockbroker or investment platform does not qualify an applicant for the additional grant. Each student can be considered only once and must apply using their own identity and academic records.
How Nigerian students can apply
Students interested in participating should begin at the Aliko Dangote Foundation’s official student portal.
The application process involves providing the name of their institution, matriculation number, BVN, email address and telephone number.
After submitting their details, applicants must complete the verification process before proceeding to the designated share subscription platform.
They will then be required to review the official investment documents, complete identity verification and pay for at least 10 shares.
Once the required checks have been completed, the foundation may submit a separate application for an additional 10 shares on behalf of a qualifying student.
There is no separate fee payable to the foundation to qualify for consideration.
Students should keep their application reference and payment confirmation in case they need to contact the programme’s support team.
When is the application deadline?
The Dangote Refinery public share offer is scheduled to close on 27 October 2026, following an extension of the original closing date.
The offer opened on 14 September, with shares priced at ₦525 each and a minimum subscription of 10 shares.
Reuters reported on 12 October that the extension was intended to give more investors time to participate, including those facing account-opening and regulatory requirements.
The student grant has also been reported as closing on 27 October, although applicants should confirm that the foundation’s designated student subscription channel remains operational before making any payment.
What students should know before investing
Although the foundation is offering to fund additional shares for qualifying students, the programme should not be mistaken for a cash giveaway.
Students will not receive ₦5,250 in their bank accounts simply because they register.
Instead, the foundation may finance a separate application for 10 shares, which would be held electronically in the student’s name if allotted.
Owning shares means holding a small ownership interest in the company. Shareholders may benefit from dividends if declared or from an increase in the market value of their investments.
However, returns are not guaranteed. Share prices can fall, and investors could lose part of the money they invested.
Students should therefore avoid treating the offer as a promise of immediate profit.
The foundation also warns that completing registration, paying for shares or passing student verification does not guarantee that shares will ultimately be allotted.
Why the initiative matters for young Nigerians
The student scheme forms part of a wider effort to increase participation in Nigeria’s capital market.
Many young Nigerians have limited experience of buying shares, understanding dividends or building long-term investment portfolios.
The initiative offers eligible students an opportunity to learn about company ownership through a real investment, rather than relying solely on classroom explanations.
It also comes as the Dangote Refinery seeks wider public ownership through its initial public offering.
Reuters reported that the refinery’s share sale is targeting investors across Nigeria and other African countries, although participation outside Nigeria remains subject to applicable regulatory restrictions.
The wider offer could also help introduce more Nigerians to capital-market investment at a time when participation remains relatively low.
For students whose parents or relatives live in the UK and other countries, financial support from abroad may help them meet the minimum purchase cost. However, the eligibility rules remain tied to the student’s enrolment at a qualifying institution in Nigeria, and the application must be made in the student’s own name.
Prospective applicants are advised to use only official subscription channels, avoid individuals promising guaranteed allocations and never disclose their banking passwords, PINs or one-time security codes.
Read related news:
Dangote refinery swings to $4.7bn profit as revenue jumps 144%
Dangote refinery extends IPO as subscriptions hit 4 times target
Dangote Refinery cuts diesel price to N1,700 per litre
