ABUJA, June 24 –The Securities and Exchange Commission (SEC) of Nigeria has directed all capital market operators to immediately stop promoting a purported initial public offering (IPO) by Dangote Petroleum Refinery and Petrochemicals FZE, saying it has not received or approved any application for such an offer.
The directive follows the circulation of adverts, flyers, digital banners and promotional emails encouraging investors to participate in what was presented as a public offering by the refinery.
According to the SEC, some registered capital market operators were involved in promoting the offer and accepting expressions of interest from investors despite the absence of regulatory approval.
The commission described the campaign as an “unwholesome and manipulative exercise,” warning that it could mislead investors, create false market expectations and undermine confidence in Nigeria’s capital market.
As part of the directive, the SEC ordered operators to immediately stop publishing or sharing promotional materials related to the proposed offer. It also instructed them to remove all unauthorised content from their websites, social media pages and messaging platforms within 24 hours.
In addition, operators were told to stop accepting deposits, opening accounts or collecting commitments linked to the purported IPO. Any funds already received from investors in connection with the offer must be refunded within 24 hours.
The commission warned that operators who fail to comply risk sanctions under the Investments and Securities Act 2025 and the SEC Rules and Regulations.
It also advised investors to ignore any invitation to pre-fund investments or secure guaranteed share allocations, stressing that any future public offer by Dangote Petroleum Refinery would only proceed after receiving SEC approval and the release of an official prospectus.
The development comes after reports that the Dangote Group plans to offer a 10% stake in its $20 billion, 650,000-barrel-per-day refinery through a Pan-African IPO expected in 2026.
