Nigeria’s capital market regulator, the Securities and Exchange Commission (SEC), has ordered an immediate halt to all promotional and marketing activities linked to a purported Initial Public Offering (IPO) by the Dangote Petroleum Refinery & Petrochemicals.
In a circular released on Tuesday, the commission clarified that Dangote Refinery has not submitted any application for an IPO, making any ongoing promotional campaign regarding such an offer unauthorised.
According to the SEC, there is currently no basis for any marketing, solicitation, or subscription exercise related to the refinery’s shares.
The regulator stated that it had become aware of advertisements, flyers, digital banners, social media posts, and targeted electronic messages circulating across investment platforms and online channels promoting a supposed public offering by the refinery.
SEC described the activities as misleading, manipulative, and harmful to the integrity of the Nigerian capital market.
The commission expressed particular concern over reports that some registered Capital Market Operators (CMOs) were actively encouraging investors to subscribe in advance to an offer that has neither been filed with nor approved by the regulator.
“No application for the registration of an IPO or public offer of shares of the refinery has been filed with or approved by the commission,” the SEC stated.
The regulator noted that the ongoing promotions could create false market expectations, encourage information imbalance, and undermine investor confidence.
According to SEC, invitations encouraging investors to create accounts, pre-fund investments, or secure guaranteed share allocations amount to market manipulation and constitute a serious violation of the Investments and Securities Act (ISA) 2025.
The commission consequently directed all registered capital market operators, stockbrokers, and digital investment promoters to immediately discontinue every form of promotional activity connected to the purported IPO.
Operators were specifically instructed to:
- Stop publishing, reposting, or distributing promotional materials relating to the acquisition or allocation of shares in the refinery.
- Remove all related advertisements and content from websites, social media platforms, and messaging groups within 24 hours.
- Refrain from collecting deposits, commitments, account openings, or expressions of interest from prospective investors.
- Refund all funds already received in connection with the alleged offering within 24 hours of the notice.
The SEC warned that any operator found violating the directive would face sanctions under the provisions of the ISA 2025 and the commission’s regulations.
The commission also advised members of the public to rely solely on official communications issued through its approved channels.
“All such high-pressure marketing tactics, or transfer of funds to any operator for ‘pre-IPO’ placement should be ignored as they did not receive the commission’s approval,” the SEC stated.
The regulator assured investors that if Dangote Refinery eventually files and secures approval for a public offering, an official prospectus would be made available in line with legal and regulatory requirements.
Meanwhile, Dangote Refinery also reiterated its position on the matter, warning the public against relying on unverified reports circulating online regarding a possible IPO.
The company referred investors to an earlier statement in which it cautioned against speculative publications and urged stakeholders to wait for official announcements.
According to the refinery, any future updates concerning a potential transaction would only be communicated through its formal public disclosures and authorised advisers.
“Such reports do not originate from DPRP and should be treated with caution,” Dangote stated.
The company further advised investors and market participants to disregard rumours and rely exclusively on verified information released through official channels.
“Accordingly, the public, investors, and all market participants are strongly advised to disregard speculative commentary and rely solely on verified information formally issued by DPRP or its authorised representatives,” Dangote stated.
