The Securities and Exchange Commission (SEC) has directed all capital market operators to immediately discontinue any form of advertising or promotion linked to a reported initial public offering (IPO) by Dangote Petroleum Refinery and Petrochemicals FZE, stating that no such offer has been submitted to or approved by the regulator.
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‎The commission issued the warning on Tuesday after noticing the circulation of promotional materials, including online advertisements, flyers, email campaigns, and social media posts encouraging investors to participate in a supposed public share sale by the refinery.
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‎According to the SEC, some registered market operators have been involved in promoting the unapproved offer and soliciting investor interest despite the absence of regulatory clearance.
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‎The regulator described the campaign as misleading and potentially harmful to the integrity of the capital market, warning that attempts to market or collect subscriptions for an offer that has not received approval violate existing securities laws.
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‎It noted that the activities could create unrealistic expectations, distort market information, and expose investors to unnecessary risks.
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‎The commission specifically condemned invitations encouraging members of the public to open accounts, deposit funds, or reserve share allocations ahead of an official offering, describing such practices as a form of market manipulation and a breach of the Investments and Securities Act 2025.
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‎Consequently, all registered capital market operators, including stockbrokers and online investment promoters, were instructed to stop distributing or publishing materials relating to the purported IPO.
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‎The SEC also ordered the immediate removal of all unauthorised promotional content from websites, social media accounts, and messaging platforms within 24 hours.
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‎In addition, operators were directed to suspend the acceptance of investor funds, expressions of interest, account registrations, or any other commitments linked to the proposed offer.
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‎Where funds have already been collected, the commission mandated that such monies be returned to investors within 24 hours of the notice.
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‎The regulator warned that failure to comply with the directive would attract sanctions under the provisions of the Investments and Securities Act 2025 and other applicable SEC regulations.
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‎Investors were equally advised to remain vigilant and rely solely on information released through official regulatory channels. The commission urged the public to disregard any high-pressure marketing campaigns or requests for funds connected to the alleged pre-IPO placement.
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‎SEC assured investors that should Dangote Petroleum Refinery and Petrochemicals FZE eventually submit and obtain approval for a public offering, the commission would make the approved prospectus available in accordance with regulatory requirements.
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‎The development comes despite earlier reports that the Dangote Group was considering the sale of a 10 per cent stake in its $20bn refinery through a major Pan-African IPO expected in 2026.
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