By Opeyemi Adelakun
Nigeria’s capital market regulator has stopped all ongoing promotions linked to a proposed share sale by Dangote Petroleum Refinery and Petrochemicals FZE, saying it has not approved any public offering by the company.
In a notice issued on Tuesday, the Securities and Exchange Commission (SEC) said it had observed the circulation of advertisements, online campaigns and investment solicitations encouraging Nigerians to subscribe to what was being presented as a Dangote Refinery Initial Public Offering (IPO).
The Commission stated that no application for such an offer had been submitted to or cleared by the regulator, warning that the promotions could mislead investors and undermine confidence in the capital market.
SEC accused some market operators of marketing the unapproved offer and collecting commitments from prospective investors, describing the practice as a breach of capital market regulations.
As part of its directives, the regulator ordered stockbrokers, investment firms and digital investment platforms to immediately discontinue all publicity related to the purported offer and remove promotional materials from their websites and social media channels.
The Commission also instructed operators to stop accepting funds, account registrations or expressions of interest tied to the proposed investment and refund any money already collected from investors within 24 hours.
SEC warned that firms or individuals who fail to comply with the directive risk sanctions under the Investments and Securities Act 2025 and other applicable market regulations.
The regulator further advised members of the public to ignore invitations promising guaranteed share allocations or urging them to make advance payments, stressing that any legitimate public offering would only proceed after obtaining regulatory approval.
The development comes amid reports that the Dangote Group is considering selling a minority stake in the refinery through a future public offering, although SEC maintained that no formal application is currently before it.
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