The Securities and Exchange Commission (SEC) has prohibited the marketing and promotion of a purported Initial Public Offering (IPO) linked to Dangote Petroleum Refinery and Petrochemicals FZE, warning that the offer has not been approved or submitted for regulatory review.
The commission issued the directive in a public notice on Tuesday, distancing itself from ongoing promotional campaigns circulating on social media and digital investment platforms.
According to the SEC, it has not received or approved any application for an IPO or public share offering involving the Dangote Refinery.
It said the circulating advertisements, flyers, emails, and online banners suggesting otherwise are misleading and potentially harmful to investors.
The regulator also raised concerns over the involvement of some registered Capital Market Operators (CMOs) in promoting the unapproved investment scheme.
The commission described the activities as “unwholesome” and capable of distorting investor expectations and undermining confidence in Nigeria’s capital market.
It added that pre-selling shares, collecting subscriptions, or promising allocations for an unapproved offering amounts to market manipulation under the Investments and Securities Act (ISA) 2025.
SEC stressed that no public offering or IPO related to the refinery has been registered or cleared.
The regulator ordered all CMOs, including stockbrokers and digital investment promoters, to immediately stop all related promotional activities.
Operators were directed to:
- Halt circulation of all IPO-related adverts and messages
- Remove promotional content from websites, social media, and messaging platforms
- Stop collecting deposits or expressions of interest from investors
- Refund any funds already collected within 24 hours
The commission warned that failure to comply would attract sanctions under the ISA 2025 and SEC regulations.
SEC urged the public to ignore unsolicited investment offers and rely only on official statements issued through approved regulatory channels.
It further advised investors to be cautious of aggressive marketing tactics and “pre-IPO” schemes not backed by regulatory approval.
The commission added that any future approved public offering from the refinery would be communicated through an official prospectus.
