Nigeria’s Securities and Exchange Commission (SEC) has directed all capital market operators to stop advertising or promoting any proposed public share sale by Dangote Petroleum Refinery and Petrochemicals FZE, stating that no application for such an offering has been submitted to or approved by the regulator.
The directive follows the circulation of promotional materials across social media, digital platforms, and email channels claiming that investors could participate in an upcoming initial public offering (IPO) by the refinery.
In a notice issued on Tuesday, the SEC said it became aware of marketing campaigns encouraging investors to express interest in the purported offer and warned that some registered market operators were involved in the promotions.
According to the commission, the ongoing activities could mislead investors, create unfair market expectations, and weaken confidence in Nigeria’s capital market. It stressed that any attempt to collect funds or secure commitments from investors ahead of regulatory approval violates existing securities regulations.
The SEC instructed stockbrokers, investment platforms, and other market participants to immediately discontinue all publicity related to the proposed offer. It also ordered the removal of promotional content from websites, social media accounts, messaging groups, and other communication channels within 24 hours.
In addition, operators were directed to stop accepting investor deposits, account registrations, or expressions of interest linked to the alleged offering. Any funds already collected for the purpose must be returned to investors within the same 24-hour period, the regulator said.
The commission warned that firms or individuals who fail to comply with the directive risk sanctions under the Investments and Securities Act 2025 as well as other applicable market regulations.
Investors were advised to rely only on official information released through SEC-approved channels and to disregard invitations promising allocations or requesting advance payments for shares in the refinery.
The regulator reiterated that if Dangote Petroleum Refinery eventually files for a public offering and receives approval, the investing public will be formally notified through an authorised prospectus and other approved disclosures.
The development comes months after reports emerged that the Dangote Group was considering selling a 10 per cent stake in its $20 billion refinery through a public listing expected in 2026. However, the SEC clarified that no such offer has reached the approval stage.
