SEC: No Applications Received for Dangote Refinery IPO

The Securities and Exchange Commission (SEC) announced yesterday that it had not received any application for the alleged initial public offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE, and cautioned stakeholders against promoting the offer on the Nigerian Exchange Limited (NGX).

In a public notice, the SEC stated it was aware of advertisements, flyers, digital banners, and targeted electronic mails circulating on social media and investment channels about a purported securities offering by the refinery.

It expressed concern about certain Registered Capital Market Operators (CMOs) engaging in an “unwholesome and manipulative exercise” by actively soliciting advance subscriptions for an offering that had not been submitted to the commission.

According to the regulator, “No application for the registration of an IPO or public offer of shares of the Refinery has been filed with or approved by the commission.”

The commission added that the ongoing pre‑marketing activities were “capable of misleading investors, distorting market expectations, creating information asymmetry and generally undermining the integrity of the capital market.”

It further stated that the marketing campaign and invitations to “create accounts”, “pre‑fund”, or “secure guaranteed allocations” amounted to market manipulation and constituted a “serious violation of the Investments and Securities Act.”

Consequently, the commission instructed all Registered Capital Market Operators, especially stockbrokers and digital platform promoters, to halt all promotional activities immediately.

SEC ordered them to “cease with immediate effect from publishing, reposting, or distributing any promotional material, flyer, or commentary relating to the acquisition or allocation of shares in the Refinery.”

It also directed operators to “remove or take down all such unauthorised marketing materials from websites, social media handles (including X, LinkedIn, Instagram, Facebook etc.), and