The Securities and Exchange Commission (SEC) has warned investors against fraudulent platforms and unauthorised agents seeking to collect applications or funds for the Dangote Refinery initial public offering (IPO).
The warning came on Monday as the IPO opened for subscription, with the regulator urging prospective investors to use only officially approved receiving agents and subscription channels.
The SEC advised investors to obtain information about the offer only through its official channels, the issuer’s official channels and other channels approved for the IPO.
It also urged investors to verify the authenticity of websites, platforms and links before providing personal or financial information.
“Verify that their chosen registered Capital Market Operator’s channels/platforms for the offer are duly authorised and approved,” the commission said.
The SEC further warned investors against unsolicited calls, WhatsApp messages, social media advertisements and emails offering or guaranteeing IPO allotments or preferential allocations.
The regulator said investors should follow the officially announced subscription process and IPO timetable and avoid transferring money to anyone claiming to receive applications outside approved channels.
“The existence of an individual, company, digital platform or social media account does not, by itself, constitute approval or authorisation to receive applications or funds from investors in respect of the Offer,” the SEC said.
The commission also urged prospective investors to carefully read the approved prospectus and understand the terms, conditions and risks associated with the investment before subscribing.
Investors requiring further guidance were advised to contact SEC-registered stockbrokers, banks or registered investment advisers.
