The Securities and Exchange Commission (SEC) has directed all capital market operators to immediately stop advertising or promoting a purported Initial Public Offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE, stating that it has not received or approved any application for such an offer.
In a public notice issued on Tuesday, the regulator said it had observed the circulation of advertisements, flyers, digital banners and electronic messages across social media and investment platforms inviting members of the public to invest in the refinery through an alleged IPO.
The Commission expressed concern that some registered capital market operators were actively promoting the unapproved offer and soliciting subscriptions from prospective investors.
According to the SEC, the campaign is misleading and amounts to market manipulation capable of creating false expectations and eroding confidence in Nigeria’s capital market.
The regulator stressed that any invitation encouraging investors to open accounts, pre-fund investments or reserve guaranteed share allocations for the purported offer violates the provisions of the Investments and Securities Act and existing market regulations.
As part of its directive, the SEC ordered all registered operators, including stockbrokers and promoters of digital investment platforms, to immediately discontinue all marketing activities related to the alleged IPO.
The Commission also instructed operators to remove all promotional materials relating to the offer from their websites, social media pages and other communication channels within 24 hours.
In addition, firms were ordered to stop accepting deposits, investment commitments, account registrations or expressions of interest linked to the purported public offering.
The SEC further directed operators who had already collected funds from investors in connection with the alleged IPO to refund the money within 24 hours.
It warned that failure to comply with the directive would attract regulatory sanctions under the Investments and Securities Act 2025 and the SEC Rules and Regulations.
The Commission advised members of the investing public to rely only on official information released through approved regulatory channels and to disregard promotional campaigns or high-pressure investment solicitations relating to the refinery.
The SEC added that if Dangote Petroleum Refinery & Petrochemicals FZE eventually files an application for a public offering and it is approved, the Commission will publish an authorised prospectus in accordance with the law.
The warning comes amid earlier reports that the Dangote Group was considering listing a 10 per cent stake in its $20 billion refinery through a Pan-African initial public offering expected in 2026.
