Nigeria’s capital market regulator has moved to halt all promotional activities linked to a purported public share offering by Dangote Petroleum Refinery, warning investors against engaging with unapproved investment campaigns.
The News Chronicle reports that the Securities and Exchange Commission stated that no application for an Initial Public Offering by the refinery has been submitted or approved, making any ongoing marketing efforts unauthorized and potentially misleading.
The commission disclosed that it had observed the circulation of advertisements, social media promotions, emails and other materials inviting investors to participate in a supposed Dangote Refinery share sale. SEC expressed concern that some registered market operators were allegedly soliciting funds and advance subscriptions for an offer that does not exist within the regulatory framework.
As a result, the regulator directed all capital market operators to immediately stop distributing related promotional content and remove such materials from digital platforms within 24 hours. It also instructed firms to refund any money already collected from investors in connection with the alleged offering.
Dangote Refinery separately reiterated that any information regarding a future public offering would only be communicated through its official channels and authorised advisers. SEC advised investors to ignore speculative reports and rely solely on verified announcements, warning that violations of capital market regulations could attract sanctions under the Investment and Securities Act 2025.
