The Zamfara State Government has approved a proposed allocation of shares in Aliko Dangote’s petroleum and petrochemical company to 36,176 residents as part of efforts to promote financial inclusion and economic empowerment
The state Ministry of Humanitarian Affairs and Relief Matters disclosed this in a statement, saying Governor Dauda Lawal had approved the initiative
According to the ministry, the programme would be coordinated by the Commissioner for Humanitarian Affairs and Relief Matters, Salisu Musa Tsafe Kainuwa, in collaboration with the ministries responsible for commerce and finance, as well as the Zamfara Investment Company
The statement said each beneficiary was expected to receive about 20 shares under a proposed Initial Public Offering (IPO)
However, the government did not disclose the proposed share price, the total amount earmarked for the investment or when the shares would be distributed
Under the arrangement, 2,261 beneficiaries would be selected from each of the state’s 13 local government areas, while Gusau, the state capital, would have 4,522 beneficiaries
The ministry added that the programme would accommodate persons with disabilities and other vulnerable residents
It, however, did not explain the criteria for selecting beneficiaries or outline the registration and distribution processes
The statement further claimed that each beneficiary could earn up to N10 million in dividends within two years, but provided no financial projections or explanation to support the estimate
It said the governor had authorised payment for the investment, identifying the company involved as Aliko Dangote Petroleum and Petrochemical
The ministry added that the state government planned to introduce additional humanitarian programmes targeting women and young people
It described the proposed initiative as part of efforts to promote self-reliance and expand residents’ access to investment opportunities