The Securities and Exchange Commission (SEC) has directed capital market operators to immediately stop promoting a purported Initial Public Offering (IPO) by Dangote Petroleum Refinery and Petrochemicals FZE, stating that it has neither received nor approved any application for such an offer.
The warning follows the circulation of advertisements, flyers, digital banners and promotional messages across social media and investment platforms claiming that the refinery was preparing to launch a public share offer.
According to the SEC, some registered capital market operators have been involved in promoting the alleged offer and soliciting subscriptions from investors despite the absence of regulatory approval.
The commission described the ongoing campaign as a manipulative exercise capable of misleading investors, distorting market expectations and undermining confidence in Nigeria’s capital market.
SEC noted that invitations encouraging investors to create accounts, pre-fund investments or secure guaranteed share allocations for the proposed offer violate capital market regulations and could amount to market manipulation.
As a result, the regulator has ordered all registered capital market operators, including stockbrokers and digital investment platforms, to immediately cease all promotional activities related to the purported IPO.
Operators have also been directed to remove all unauthorised marketing materials from their websites, social media pages and communication channels within 24 hours.
In addition, the commission instructed operators to stop accepting deposits, account registrations, commitments or expressions of interest linked to the alleged public offer. Any funds already collected in connection with the exercise must be refunded to investors within 24 hours.
The SEC warned that any operator found violating the directive would face sanctions under the Investments and Securities Act 2025 and the commission’s regulatory framework.
For MSMEs and retail investors, the development highlights the importance of verifying investment opportunities through approved regulatory channels before committing funds. It also serves as a reminder that legitimate public offerings must receive regulatory clearance before they can be marketed to the investing public.
The commission reaffirmed its commitment to protecting investors and maintaining transparency, fairness and integrity within Nigeria’s capital market.