National Market Regulator Halts Dangote Refinery IPO Promotions, Warns Investors
Nigeria’s capital market regulator has ordered an immediate stop to the promotion of a purported share sale linked to the Dangote Refinery, warning that no such offer has been approved.
The Securities and Exchange Commission Nigeria said it had neither received nor approved any application for an initial public offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE, despite widespread marketing campaigns circulating online and through investment channels.
In a public notice issued Tuesday, the regulator directed all capital market operators—including brokers and digital investment platforms—to immediately cease promoting or distributing any materials related to the alleged offering.
The commission described the ongoing promotions as misleading and potentially manipulative, noting that some operators had been soliciting advance payments and encouraging investors to pre-fund accounts for shares that do not officially exist.
It further ordered that any funds already collected in connection with the purported IPO be refunded within 24 hours, warning that non-compliance would attract sanctions under Nigeria’s investment laws.
The action follows the spread of advertisements, emails, and social media campaigns suggesting early access to shares in the refinery, which is Africa’s largest oil refining facility. However, regulators stressed that without a filed and approved prospectus, no legitimate public offering can take place.
The SEC advised investors to rely only on official channels and verified disclosures, cautioning against high-pressure tactics or unsolicited investment offers tied to the refinery.
While plans have previously been discussed for a potential future listing of the Dangote refinery, any such move remains subject to formal regulatory approval and market processes.
