SEC: No Application Received for Dangote Refinery’s IPO

Nigeria's Securities and Exchange Commission (SEC) has issued a stern warning, stating it has not received any application for a purported Initial Public Offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE. The regulator alerted stakeholders to be wary of advertisements, flyers, and digital messages circulating on social media platforms concerning this supposed securities offering.

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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 SEC expressed significant concern over the involvement of some Registered Capital Market Operators (CMOs) in what it termed an "unwholesome and manipulative exercise." These operators have been actively soliciting advance subscriptions for an offering that has not been presented to or approved by the commission. The SEC emphasized that no application for the registration of an IPO or public offer of shares for the refinery has been filed or approved.

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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.

These pre-marketing activities are deemed "capable of misleading investors, distorting market expectations, creating information asymmetry and generally undermining the integrity of the capital market." The SEC views the marketing campaign, which invites investors to "create accounts," "pre-fund," or "secure guaranteed allocations," as market manipulation and a serious violation of the Investments and Securities Act.

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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.

Consequently, the SEC has directed all Registered Capital Market Operators, including stockbrokers and digital platform promoters, to immediately cease all promotional activities. They must remove unauthorized marketing materials from all online platforms within 24 hours and are forbidden from accepting any deposits, commitments, or expressions of interest from investors for the purported offering. Furthermore, operators must reverse and refund all funds already collected in connection with this offering within 24 hours. The commission warned that non-compliance would result in penalties under the Investments and Securities Act, 2025, and SEC Rules and Regulations. Investors are advised to rely solely on official pronouncements from the SEC and to ignore high-pressure marketing tactics or requests for "pre-IPO" placement funds.

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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.