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) of Dangote Petroleum Refinery & Petrochemicals FZE, saying no such offer has been filed or approved.
The directive, issued on Tuesday, June 23, 2026, follows the circulation of adverts, flyers, digital banners, and emails across social media and investment platforms promoting an alleged share sale in the refinery.
The Securities and Exchange Commission (Nigeria) said some registered operators were already soliciting advance subscriptions and encouraging investors to open accounts or commit funds despite the absence of approval.
It stressed that no IPO application has been submitted or cleared, warning that the activities are unauthorized and misleading.
READ ALSO: Otedola Sells Geregu Stake, Targets $100m Dangote Refinery Investment
According to the SEC, the promotions risk distorting market confidence and misleading investors. It also flagged claims of guaranteed allocations and pre-IPO access as improper and potentially unlawful.
Operators were directed to immediately stop all related promotions, remove all content from digital platforms within 24 hours, and halt any investor engagement tied to the offer.
The commission further ordered the refund of any funds already collected.It warned that failure to comply would attract sanctions under the Investments and Securities Act 2025 and SEC regulations.
The SEC urged investors to ignore all “pre-IPO” invitations, stressing that no public offer can proceed without regulatory approval and an official prospectus.