The foundation’s Managing Director and Chief Executive Officer, Zouera Youssoufou, disclosed the programme during a television interview, explaining that the initiative is intended to help groups with limited access to investment opportunities acquire an ownership stake in the refinery.

Under the student component, eligible participants who subscribe for at least 10 shares, valued at ₦5,250 at the offer price of ₦525 per share, may qualify for an additional 10-share application funded by the foundation.

If both applications receive full allotment, a qualifying student could receive 20 shares with a total offer value of ₦10,500, having paid for the initial 10 shares. However, the additional application and eventual share allotment are subject to the foundation’s conditions and the IPO’s applicable rules.

Youssoufou said the programme was developed to support the vision of making the refinery’s public offer accessible to more Nigerians, particularly people who have traditionally had limited participation in the capital market.

She explained that students and vulnerable women were selected because these groups have often faced barriers to direct investment and formal wealth-building opportunities.

The student programme is intended for eligible Nigerians aged 18 and above who are enrolled in recognised public or private tertiary institutions, including universities, polytechnics and colleges of education. Applicants must satisfy the relevant verification requirements.

According to reports on the initiative, approximately ₦25 billion has been earmarked for the student component, while the broader programme covering students and vulnerable women is valued at about ₦40 billion.

The foundation has emphasised that the initiative is a grant designed to support beneficiaries’ share applications, rather than a cash payment to participants. Any shares allotted through the programme would belong to the beneficiaries, subject to the applicable offer terms.

Beyond students, the foundation plans to extend support to as many as two million vulnerable women. The intended beneficiaries include widows, women experiencing extreme poverty, women with disabilities and widows of members of the Armed Forces.

To identify eligible women, the foundation is working with state governments, the Ministry of Women Affairs, the Armed Forces and other relevant institutions.

Youssoufou said the initiative goes beyond expanding ownership of the refinery. It is also intended to encourage financial literacy, promote a culture of saving and responsible investment, and introduce more Nigerians to participation in the capital market.

The refinery’s public offer comprises 4.1 billion ordinary shares priced at ₦525 each, with the offer scheduled to close on October 13, 2026, according to published offer information.

The foundation’s initiative forms part of a wider effort to broaden participation in the offer. Its eventual impact will depend on the programme’s implementation, the verification of eligible beneficiaries and the outcome of the share-allotment process.

Reporting by TalkNaijaMedia