The Nigeria’s Securities and Exchange Commission (SEC) has banned the marketing and promotion of what it discribed as a “purported initial public offering (IPO)” by Dangote Petroleum Refinery & Petrochemicals FZE, warning that no application for such an offer has been filed with or approved by the regulator.
The regulator said it had identified advertisements, digital campaigns and investment solicitations promoting shares in the refinery across social media and other channels.
Some registered capital market operators were involved in seeking advance subscriptions, it added.
“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 said on Tuesday.
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However, Dangote Petroleum Refinery, in a statement on X, reiterated its March position that it has not authorised any IPO-related marketing, described recent online reports and solicitations as unauthorised and inaccurate, and said any potential offering would only be communicated through formal regulatory disclosures.
The SEC warned that the promotions — including requests to pre-fund accounts or secure allocations — could mislead investors, distort market expectations and undermine market integrity.
It directed operators to immediately stop related promotional activities, remove materials within 24 hours and refund any funds already collected. It warned of sanctions for non-compliance.
The refinery, owned by billionaire Aliko Dangote, began operations in 2024 and is expected to transform Nigeria’s fuel market. Its planned IPO scheduled for later this year had drawn widespread interest.
