The Securities and Exchange Commission (SEC) has ordered an immediate halt to all marketing and promotional activities linked to a purported Initial Public Offering (IPO) by Dangote Petroleum Refinery and Petrochemicals FZE, stating that it has neither received nor approved any application for such an offer.
The directive follows the circulation of advertisements, digital campaigns, flyers and electronic messages encouraging investors to subscribe to a supposed public offering by the refinery. The capital market regulator said it became aware of the materials being promoted across social media platforms and investment channels, with some registered market operators allegedly participating in the exercise.
In a strongly worded public notice issued on Tuesday, the commission described the ongoing campaign as an unauthorised and potentially misleading exercise capable of distorting market expectations and undermining investor confidence. According to the SEC, no filing relating to a public offer by Dangote Refinery has been submitted for regulatory approval.
The commission warned that attempts to solicit advance subscriptions, encourage account openings, collect funds or promise share allocations for an unapproved offering amount to market manipulation and constitute a breach of the Investments and Securities Act 2025. It stressed that investors should not commit funds to any arrangement presented as a pre-IPO opportunity without official regulatory clearance.
Consequently, all registered capital market operators, including stockbrokers and digital investment promoters, have been directed to immediately cease publishing, distributing or reposting materials linked to the purported offer. The SEC also ordered the removal of all unauthorised promotional content from websites, social media pages and messaging platforms within 24 hours.
In addition, operators were instructed to stop accepting deposits, commitments or expressions of interest connected to the proposed offering and to refund any monies already collected from investors within the stipulated period. The commission warned that any operator found violating the directive would face sanctions under existing capital market laws and regulations.
The development comes months after reports emerged that Dangote Group was considering a landmark Pan-African public offering that could see up to 10 per cent of its $20 billion refinery business offered to investors. However, the SEC emphasised that no such transaction can proceed without a formal application, regulatory review and approval process.
The regulator advised investors to rely solely on official communications and approved prospectuses when considering investment opportunities. It assured the investing public that if and when an application for a Dangote Refinery public offering is submitted and approved, the commission will make all relevant information available through recognised regulatory channels in accordance with the provisions of the Investments and Securities Act 2025.