By Oluwakemi Kindness
The Securities and Exchange Commission (SEC) has warned investors against a purported Initial Public Offering (IPO) involving Dangote Petroleum Refinery & Petrochemicals FZE, declaring that no such offer has been filed with or approved by the regulator.
In a public notice issued on Tuesday, the Commission said it uncovered a wave of advertisements, flyers, digital banners and targeted emails circulating across social media and investment platforms, falsely promoting a public share sale by the refinery.
According to the SEC, it has neither received nor approved any application for an IPO or public offering from Dangote Petroleum Refinery & Petrochemicals FZE, making the ongoing promotions entirely unauthorised.
The regulator expressed concern that the misleading campaigns could deceive investors, create false market expectations and erode confidence in Nigeria’s capital market.
It also revealed that some Registered Capital Market Operators (CMOs) had gone as far as soliciting advance subscriptions through “pre-funding,” encouraging account creation and promising “guaranteed allocations” for an offer that does not exist.
Describing the activities as a breach of the Investments and Securities framework, the SEC directed all capital market operators, including stockbrokers and digital investment platforms, to immediately cease every form of marketing or solicitation linked to the purported IPO.
The Commission ordered the removal of all related promotional materials from websites, social media pages and messaging platforms within 24 hours.
It further instructed operators to stop accepting deposits, commitments or expressions of interest tied to the non-existent offer and to refund any money already collected within the same timeframe.
The SEC warned that any operator found flouting the directive would face regulatory sanctions under the Investments and Securities Act and other applicable rules.
It advised members of the investing public to rely solely on official communications issued through its verified channels and to be wary of high-pressure sales tactics or claims of exclusive “pre-IPO” investment opportunities.
The Commission added that if a legitimate public offering by the refinery is ever filed and approved, it will be formally announced through an official prospectus in accordance with the law.
