Nigeria’s Securities and Exchange Commission (SEC) has ordered an immediate halt to the marketing and promotion of a purported initial public offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE, warning investors that no application for such an offering has been filed with or approved by the regulator.
The directive follows the emergence of advertisements, digital campaigns and investment solicitations promoting shares in the refinery across social media and other channels, some of which reportedly sought advance subscriptions from prospective investors.
In a statement issued Tuesday, the SEC said it had become aware of promotional activities linked to the refinery’s anticipated public offering and noted that some registered capital market operators were involved in seeking pre-IPO commitments from investors.
“The Commission hereby informs the public that no application for the registration of an IPO or public offer of shares of Dangote Petroleum Refinery & Petrochemicals FZE has been filed with or approved by the Commission,” the regulator said.
The SEC warned that the promotions, including requests for investors to pre-fund accounts or secure share allocations ahead of any formal offer, could mislead the investing public, distort market expectations and undermine confidence in Nigeria’s capital market.
As a result, the Commission directed all capital market operators and other parties involved to immediately cease any promotional activity related to the refinery’s shares.
It also ordered the removal of all related advertisements and marketing materials within 24 hours and instructed any operator that had received funds from investors in connection with the purported offer to refund such monies without delay.
The regulator warned that failure to comply would attract regulatory sanctions.
Dangote Petroleum Refinery also moved to distance itself from the promotions. In a statement posted on X, the company reiterated an earlier position it issued in March, stating that it had not authorised any marketing, solicitation or pre-sale activities related to an IPO.
The refinery described recent online reports and investment solicitations as unauthorised and inaccurate, adding that any future public offering would only be communicated through official channels and in accordance with regulatory requirements.
“Any potential offering will be announced through formal regulatory disclosures and authorised communication channels,” the company said.
The clarification comes amid intense investor interest in the refinery, which began operations in 2024 and is widely viewed as one of Africa’s most significant industrial projects.
Owned by billionaire industrialist Aliko Dangote, the refinery is expected to play a major role in reshaping Nigeria’s fuel supply market and reducing the country’s dependence on imported petroleum products.
Coronation Registrars acts
In a related development, Coronation Registrars Limited issued a notice to shareholders withdrawing an earlier email communication concerning the Dangote refinery IPO.
The registrar instructed recipients to disregard the previous message in its entirety and stated that no reliance should be placed on any information contained in it.
Coronation Registrars said it operates strictly within the framework established by the SEC and emphasised that it was not conducting any offering, pre-marketing exercise, solicitation or invitation relating to Dangote Refinery shares.
The company advised investors to rely only on communications issued by the refinery through duly authorised issuing houses and other approved parties in accordance with SEC rules and regulations.
The withdrawal followed the SEC’s intervention and underscores growing concerns over unauthorised attempts to capitalise on investor enthusiasm surrounding a future listing of the refinery.
The SEC’s action highlights the regulatory requirement that all public offerings must receive formal approval before any marketing or subscription activities can begin.
The Commission urged investors to verify the status of any investment opportunity directly through official regulatory and issuer channels before committing funds.
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