By Opeyemi Adelakun
The Securities and Exchange Commission has warned investors to beware of unauthorised and fraudulent platforms seeking to exploit the ongoing Dangote Petroleum Refinery and Petrochemicals FZE initial public offering.
The warning came on Monday as the refinery officially opened its N2.15tn public offer, giving investors an opportunity to acquire an equity stake in one of Africa’s largest industrial projects.
The SEC urged members of the investing public to disregard platforms that are not authorised to receive subscriptions for the Dangote Refinery shares, warning that investors could lose their money to fraudsters.
The IPO comprises 4.1 billion new ordinary shares offered at N525 per share. The minimum subscription is 10 shares, requiring an investment of N5,250.
The offer opened on September 14 and is scheduled to close on October 13, 2026, subject to the terms and conditions contained in the prospectus.
The transaction is open to retail and institutional investors, as well as eligible African investors, as part of efforts to broaden ownership and deepen participation in Nigeria’s capital market.
Investors have been advised to subscribe only through approved distribution channels, including NGX Invest, designated commercial banks and other authorised investment platforms, in line with the provisions of the prospectus.
The N2.15tn offer, if fully subscribed, would rank among the largest equity offerings undertaken in Africa.
Proceeds from the offer are expected to support the refinery’s long-term growth plans, operational expansion and strategic investments, while creating potential value for shareholders.
The development also marks the first time investors in Nigeria’s public market can directly acquire shares in the Dangote refinery, which has a current nameplate refining capacity of 700,000 barrels per day.
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