Nigeria’s Securities and Exchange Commission (SEC) has ordered an immediate stop to all promotional activities linked to a purported Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, warning that it has not received or approved any application for such an offer.
The regulatory directive follows the emergence of advertisements, digital campaigns, and investment solicitations circulating across social media and other platforms, claiming to offer members of the public an opportunity to purchase shares in the Dangote Refinery ahead of a planned public listing.
In a statement issued on Tuesday, the SEC clarified that no application for the registration of an IPO or public share offer by Dangote Petroleum Refinery has been submitted to or approved by the Commission. The regulator stressed that any promotion suggesting otherwise is unauthorized and could mislead investors.
The Commission disclosed that some registered capital market operators were allegedly involved in promoting the supposed investment opportunity and seeking advance subscriptions from prospective investors. According to the SEC, these activities have the potential to distort market expectations, undermine investor confidence, and threaten the integrity of Nigeria’s capital market.
As part of its directive, the SEC instructed all capital market operators involved in the promotions to immediately cease every related marketing activity, remove all promotional materials within 24 hours, and refund any money already collected from investors. It also warned that any operator found violating the directive would face regulatory sanctions.
Dangote Petroleum Refinery also reaffirmed its earlier position, stating that it has not authorized any individual or organization to market shares or solicit investments on its behalf. The company described the circulating reports and investment offers as false, inaccurate, and unauthorized.
The refinery emphasized that if it decides to launch a public offering in the future, the process will be announced through official regulatory channels in compliance with applicable laws and capital market regulations.
The SEC urged Nigerians to exercise caution and avoid responding to unofficial investment offers or requests to pre-fund accounts in anticipation of receiving share allocations. The Commission advised investors to verify any investment opportunity through official SEC communications before committing their funds.
Owned by billionaire industrialist Aliko Dangote, the Dangote Petroleum Refinery commenced operations in 2024 and has attracted significant attention due to its potential to reshape Nigeria’s downstream petroleum sector by reducing dependence on imported refined products.
Speculation about a future public listing has generated strong investor interest in recent months. However, the SEC’s latest announcement makes it clear that no approved IPO process is currently underway, and members of the public should disregard any promotional campaigns suggesting otherwise.
The development serves as a reminder for investors to remain vigilant against unauthorized investment schemes and to rely only on verified information from regulators and issuing companies before making financial decisions.
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