The Securities and Exchange Commission (SEC) has ordered an immediate halt to all promotional activities linked to a purported initial public offering by Dangote Petroleum Refinery and Petrochemicals.
In a circular issued yesterday, the commission said Dangote Refinery had not filed any application for an IPO or public share offer, making ongoing marketing campaigns misleading and unauthorised.
SEC disclosed that it had observed advertisements, flyers, digital banners and emails circulating on social media and investment platforms promoting a supposed public offering by the refinery.
The regulator expressed concern that some registered capital market operators were soliciting advance subscriptions and encouraging investors to pre-fund accounts for an offer that does not exist.
Operators were directed to stop all promotional activities immediately, remove related materials from websites and social media platforms within 24 hours, and refund any funds already collected from investors.
SEC warned that accepting deposits, opening accounts or collecting expressions of interest for the purported IPO constitutes market manipulation and violates the Investments and Securities Act 2025.
Dangote Refinery also reiterated that no IPO has been announced, urging investors and the public to disregard speculative reports and rely solely on official communications from the company and its authorised advisers.
