The Securities and Exchange Commission (SEC) has ordered capital market operators to immediately discontinue all promotional activities linked to a purported Initial Public Offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE, stating that no application for such an offer has been submitted to or approved by the regulator.
The directive was contained in a public notice issued on Tuesday following the circulation of advertisements, digital banners, flyers, and electronic mails promoting what was presented as a public offering by the refinery.
According to the commission, it became aware of widespread promotional campaigns across social media platforms and investment networks, with some registered capital market operators allegedly participating in the exercise.
The SEC stressed that it had neither received nor approved any application for an IPO by the refinery and described the ongoing campaign as misleading and potentially harmful to investors.
The regulator characterised the pre-marketing activities as an “unwholesome and manipulative exercise”, noting that certain operators were already soliciting advance subscriptions and encouraging investors to commit funds for an offer that had not been formally presented to the commission.
It warned that such actions could distort market expectations, create information asymmetry, mislead investors, and ultimately undermine confidence in Nigeria’s capital market.
The commission further stated that invitations encouraging investors to open accounts, pre-fund investments, or secure guaranteed allocations before regulatory approval amounted to market manipulation and constituted a serious breach of the Investments and Securities Act.
As a result, the SEC directed all registered capital market operators, including stockbrokers and digital investment promoters, to immediately cease publishing, reposting, or distributing any materials related to the acquisition or allocation of shares in the refinery.
Operators were also instructed to remove all unauthorised promotional content from their websites, social media pages, and messaging platforms within 24 hours.
In addition, the commission ordered market operators to stop accepting deposits, commitments, account registrations, or expressions of interest from investors connected to the purported offering.
The SEC also directed firms that had already collected funds in relation to the alleged IPO to refund affected clients within 24 hours of the notice.
The regulator warned that any operator found violating the directive would face sanctions under the provisions of the Investments and Securities Act 2025 and existing SEC rules and regulations.
It advised members of the investing public to exercise caution and rely solely on official communications from the commission regarding public offerings.
The commission specifically urged investors to disregard high-pressure marketing campaigns and requests for fund transfers tied to any “pre-IPO” arrangement involving the refinery, stressing that such activities lacked regulatory approval.
SEC assured investors that if an application for a public offering by Dangote Petroleum Refinery & Petrochemicals FZE is eventually submitted and approved, a duly authorised prospectus would be made available to the public in accordance with the law.
The development comes months after reports emerged that the Dangote Group was considering a landmark Pan-African IPO in 2026 that could see the sale of a 10 per cent stake in its $20 billion, 650,000-barrel-per-day refinery.
