Foundation gives Nigerian students free shares

President of the Dangote Group, Aliko Dangote, has blamed local marketers and International Oil Companies (IOCs) for the protests over land earmarked for the proposed $16 billion oil refinery in Lamu, Kenya.

Back home, the Aliko Dangote Foundation (ADF) launched a groundbreaking Student Share Grant Initiative, designed to help young Nigerians begin their investment journey early while deepening financial literacy and encouraging a culture of long-term wealth creation.

Dangote and the President of Kenya, William Ruto, performed the groundbreaking ceremony for the refinery in Lamu on Wednesday. This comes even as a court halted construction activities due to a land dispute.

The Nigerian billionaire made the allegation while speaking to the BBC’s ‘Focus on Africa’ programme, amid protests by some residents over compensation for land acquired for the refinery project.

The refinery is expected to have a processing capacity of 700,000 barrels per day when completed in 2030.

Dangote disputed claims that the company had taken more land than it required, saying it only used the portion allocated to it by the Kenyan government.

“They said some people are demonstrating; demonstrating about what? Have you ever seen people demonstrating against themselves in terms of development?” he asked.

Africa’s richest man dismissed the protests as “games played by local marketers and international players”, insisting that the refinery would go ahead and would be ready by 2030 as planned.

The industrialist insisted that the protests would not stop the refinery project, which he described as his largest proposed investment outside Nigeria.

The project is expected to become the largest refinery in East Africa and Kenya’s biggest infrastructure project since independence, surpassing the $5.1 billion Standard Gauge Railway.

“Lekki proved that it can be done, Lamu must prove that it can be repeated,” he said.

However, the ‘Save Lamu’ campaign group raised concerns about the environmental impact of the project on the local community. Co-founder of the group, Walid Ali, told the BBC that residents wanted to see the findings of the Environmental Impact Assessment (EIA) and the proposed mitigation measures.

A group of 133 Lamu residents had approached the Kenyan High Court in a bid to stop construction work. Following the legal action, activities, including excavation and construction on the disputed land, have been restricted pending the next court hearing, scheduled for October 14.

Dangote said the refinery would create about 60,000 jobs at the peak of construction, with local communities expected to benefit from the project.

The refinery will also include a 1,000-megawatt power plant designed to supply Dangote’s operations and other industries expected to establish businesses in the area.

THE Student Share Grant Initiative, which is open to students aged 18 years and above in public and private tertiary institutions across Nigeria, aims to introduce thousands of young people to the principles of saving, responsible investing and ownership through direct participation in the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE (DPRP).

Under the programme, an eligible student, who successfully completes the required verification process and subscribes for a minimum of 10 DPRP shares through the designated platform, ipo.alikodangotefoundation.org, will qualify for the Foundation to fund an application for an additional 10 DPRP shares in the student’s name at no additional cost.

The initiative forms part of ADF’s broader commitment to empowering young Nigerians through education, economic inclusion and practical financial knowledge.

By combining investor education with real-life participation in the capital market, the foundation hopes to cultivate a generation of informed investors and responsible wealth creators.

Dangote said the programme was designed to give young Nigerians a meaningful introduction to investment and ownership.

“Supporting young people goes beyond providing access to education. It must also involve equipping them with the knowledge and opportunities to participate in economic growth and wealth creation. Through this initiative, we want students to understand the value of saving, responsible investing and long-term ownership. Our goal is to help them develop an investment mindset early in life.”

Chief Executive Officer of the Aliko Dangote Foundation, Mrs Zouera Youssoufou, said the initiative bridges the gap between financial education and practical experience.

ADF clarified that the Student Share Grant Initiative is a standalone foundation programme aimed at promoting financial literacy and investment participation.