The Securities and Exchange Commission (SEC) has ordered capital market operators to immediately stop all promotional activities linked to a purported initial public offering (IPO) by Dangote Petroleum Refinery and Petrochemicals FZE, warning that no application for such an offer has been submitted to or approved by the regulator.
In a public notice issued on Tuesday, the commission said it had become aware of advertisements, flyers, digital banners, and targeted emails circulating across social media and investment platforms promoting a supposed public offering by the refinery.
The SEC expressed concern over the involvement of some registered capital market operators in the campaign, stressing that the refinery has not filed any IPO application with the commission.
According to the regulator, the ongoing pre-marketing activities constitute an “unwholesome and manipulative exercise” capable of misleading investors and undermining confidence in the capital market.
The commission noted that some operators were already soliciting advance subscriptions for an offer that had neither been filed with nor approved by the SEC.
“These activities are capable of misleading investors, distorting market expectations, creating information asymmetry, and generally undermining the integrity of the capital market,” the notice stated.
The SEC further warned that invitations encouraging investors to create accounts, pre-fund investments, or secure guaranteed allocations amounted to market manipulation and represented a serious breach of the Investments and Securities Act.
Consequently, the commission directed all registered capital market operators, particularly stockbrokers and digital investment platforms, to immediately cease publishing, sharing, or distributing any promotional materials related to the purported share offering.
Operators were also instructed to remove all unauthorised marketing content from their websites, social media pages, and messaging platforms within 24 hours.
In addition, the SEC ordered firms to stop accepting deposits, commitments, account openings, or expressions of interest tied to the alleged public offer and to refund all monies already collected from investors within 24 hours.
The regulator warned that any operator found violating the directive would face sanctions under the Investments and Securities Act 2025 and the SEC Rules and Regulations.
The commission advised investors to remain cautious and rely only on information released through its approved channels, urging them to ignore high-pressure marketing tactics or requests to transfer funds for so-called “pre-IPO” placements.
The SEC assured the investing public that if it eventually receives and approves an application for a public offering by Dangote Petroleum Refinery and Petrochemicals FZE, an official prospectus would be issued in accordance with the law.
The development comes amid reports that the Dangote Group is planning to offer a 10 per cent stake in its $20 billion, 650,000-barrel-per-day refinery through a landmark Pan-African IPO expected in 2026.
