ABUJA, Nigeria — Nigeria’s Securities and Exchange Commission, SEC, has ordered capital market operators to stop promoting a purported initial public offering by Dangote Petroleum Refinery & Petrochemicals FZE, saying no such offer has been filed with or approved by the regulator.
In a public notice issued on Tuesday, June 23, 2026, the commission said it had seen advertisements, flyers, digital banners and targeted emails circulating on social media and investment platforms, presenting the refinery as preparing for a public offer.
The SEC said some registered capital market operators had been promoting the purported offer and seeking advance subscriptions from investors despite the absence of regulatory approval.
“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 regulator said.
The commission said the promotions could mislead investors, distort market expectations and undermine confidence in the capital market.
It also said invitations asking investors to open accounts, pre-fund subscriptions or secure guaranteed allocations amounted to market manipulation and serious breaches of the Investments and Securities Act 2025.
Operators Ordered to Remove Materials
The SEC directed all registered capital market operators, including stockbrokers and operators of digital investment platforms, to immediately stop all promotional activity connected to the alleged public offer.
The commission ordered them to stop publishing, reposting or distributing materials or commentary on the acquisition or allocation of shares in the refinery.
Operators were also instructed to remove related materials from websites, social media platforms and messaging groups within 24 hours.
The regulator further directed operators to stop accepting deposits, commitments, account openings or expressions of interest tied to the purported offering.
It said any money already collected from investors must be refunded within 24 hours.
The SEC warned that operators who fail to comply would face sanctions under the Investments and Securities Act 2025 and existing capital market rules.
Investors Urged to Ignore Pre-IPO Solicitations
The warning comes amid strong investor interest in Dangote Refinery, one of Africa’s largest industrial projects, and speculation about a possible future listing on the Nigerian capital market.
The SEC advised the public to rely only on official communications issued through its recognised channels.
It said investors should disregard high-pressure marketing campaigns or requests for funds linked to any “pre-IPO” placement that has not received regulatory authorisation.
The commission said that if an application for a public offering by Dangote Refinery is eventually received and approved, a duly authorised prospectus would be made available to the public in line with the Investments and Securities Act 2025.
