SEC Orders Halt to Unauthorized Dangote Refinery IPO Promotions
In a public notice issued on June 23, 2026, the Commission said it had observed the circulation of advertisements, flyers, digital banners and targeted electronic messages across social media and investment platforms inviting members of the public to participate in what was presented as a securities offering by the refinery.
The regulator expressed concern over the involvement of some registered capital market operators in soliciting advance subscriptions and expressions of interest for an offering that has not been submitted to or cleared by the Commission.
According to the SEC, no application for the registration of an Initial Public Offering (IPO) or any public share offering by Dangote Petroleum Refinery & Petrochemicals FZE has been filed with or approved by the Commission.
The SEC warned that the ongoing promotional activities could mislead investors, distort market expectations, create information asymmetry and undermine confidence in the integrity of the Nigerian capital market.
It further stated that the distribution of unapproved prospectuses and invitations encouraging investors to create accounts, pre-fund transactions or secure guaranteed share allocations amount to market manipulation and constitute serious violations of the Investments and Securities Act, 2025.
Consequently, the Commission ordered all registered capital market operators, particularly stockbrokers and digital platform promoters, to immediately stop publishing, reposting or distributing any materials relating to the acquisition or allocation of shares in the refinery.
The regulator also directed operators to remove all unauthorized marketing materials from websites, social media platforms and messaging groups within 24 hours of the notice.
In addition, the SEC instructed market operators to desist from accepting deposits, commitments, account openings or expressions of interest from prospective investors in connection with the purported offering. It also ordered the reversal and refund of all funds already collected from clients for the alleged share sale within 24 hours.
The Commission warned that failure to comply with the directives would attract regulatory sanctions under the Investments and Securities Act, 2025, and the SEC Rules and Regulations.
Advising investors to exercise caution, the SEC urged members of the public to rely only on official communications issued through its approved channels and to ignore high-pressure marketing campaigns or requests for funds tied to any purported pre-IPO placement involving the refinery.
The Commission stated that if and when it receives and approves an application for a public securities offering by Dangote Petroleum Refinery & Petrochemicals FZE, an approved prospectus would be made available to the public in accordance with applicable laws and regulations.
The SEC also encouraged investors to verify the registration status of any security or capital market operator through its official channels before making investment decisions.
