The Securities and Exchange Commission (SEC) has issued a strong warning against the growing wave of advertisements promoting a supposed Dangote Refinery initial public offering (IPO), clarifying that no official application for such an offering has been submitted or approved. The move comes amid increasing online campaigns targeting investors eager to secure a stake in one of Africa’s largest refinery projects.
According to the regulator, several promotional materials, including flyers, digital banners, emails, and social media posts, have been circulating widely across investment platforms and online communities. The SEC expressed concern that some registered capital market operators have gone a step further by actively encouraging investors to subscribe in advance to the purported offer, despite lacking any regulatory approval to do so.
The warning follows recent comments by Aliko Dangote, President of the Dangote Group, who indicated that the refinery could launch an IPO in September due to growing investor interest. However, the SEC emphasized that, as of now, no formal filing has been made. The commission cautioned that marketing an unapproved public offering could mislead investors, create false expectations in the market, and threaten the credibility of Nigeria’s capital market ecosystem.
In response, the regulator has directed all registered capital market operators, stockbrokers, and digital investment promoters to immediately stop publishing or sharing any materials related to the acquisition of shares in the refinery. It also ordered the removal of all unauthorized promotional content from websites, social media platforms, and messaging groups within 24 hours. Furthermore, operators were instructed to cease collecting deposits, opening accounts, or accepting expressions of interest linked to the alleged offering, while any funds already received must be refunded promptly.
The SEC warned that any operator who fails to comply with these directives could face sanctions under the Investments and Securities Act (ISA) 2025. Investors have also been advised to disregard invitations to participate in any so-called “pre-IPO” opportunities connected to the refinery and rely only on official announcements from regulatory authorities. The commission assured the public that if a legitimate Dangote Refinery IPO is eventually filed and approved, a formal prospectus will be made available through authorized channels, ensuring transparency and investor protection.
source: The Cable