The Securities and Exchange Commission (SEC) has directed capital market operators to stop promoting a purported initial public offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE.
Aliko Dangote, president of the Dangote Group, had said the refinery’s IPO would be conducted in September as investor demand continues to rise.
However, the SEC, in a public notice issued on Tuesday, said it had become aware of advertisements, flyers, digital banners, and emails circulating on social media and investment platforms regarding a proposed public offering by the refinery.
The commission said some registered capital market operators (CMOs) are actively soliciting advance subscriptions for the purported offer despite the absence of regulatory approval.
“No application for the registration of an IPO or public offer of shares of the refinery has been filed with or approved by the Commission,” the notice reads.
The SEC said the ongoing promotional activities could mislead investors, distort market expectations, and undermine the integrity of the capital market.
“The marketing campaign and invitations to create accounts, pre-fund, or secure guaranteed allocations amount to market manipulation and constitute serious violations of the Investments and Securities Act,” the commission said.
The regulator consequently directed all registered capital market operators, particularly stockbrokers and digital investment promoters, to immediately stop publishing, reposting, or distributing promotional materials relating to the acquisition or allocation of shares in the refinery.
“Cease with immediate effect from publishing, reposting, or distributing any promotional material, flyer, or commentary relating to the acquisition or allocation of shares in the refinery,” the SEC said.
“Also, remove or take down all such unauthorised marketing materials from websites, social media handles (including X, LinkedIn, Instagram, Facebook, etc.), and messaging groups within twenty-four (24) hours of this notice.”
The regulator also instructed operators to stop accepting deposits, commitments, account openings, or expressions of interest from prospective investors in connection with the purported offering.
“Reverse and refund all funds already collected in connection with this purported offering to clients within twenty-four (24) hours of this notice,” the commission further said.
The SEC warned that failure to comply with its directives would attract sanctions under the Investments and Securities Act (ISA) 2025 and the commission’s rules and regulations.
The regulator advised investors to rely only on official communications issued through its approved channels and to ignore invitations to participate in any “pre-IPO” placement linked to the refinery.
The SEC assured investors that if an application for a public offering by the Dangote refinery is eventually filed and approved, an authorised prospectus would be made available to the investing public in accordance with the provisions of the ISA 2025.
