The Securities and Exchange Commission has ordered capital market operators to immediately stop all promotional activities linked to a purported initial public offering involving Dangote Petroleum Refinery and Petrochemicals FZE, stating that no such application has been received or approved.
In a public notice issued on Tuesday, the commission said it became aware of widespread advertisements, flyers, digital banners, and emails promoting an alleged IPO, some of which were being circulated by registered market operators.
The SEC described the campaign as misleading and unapproved, warning that it poses a risk to investor confidence and the integrity of the capital market.
According to the regulator, the ongoing promotions amount to an “unwholesome and manipulative exercise,” especially as investors were being encouraged to pre-fund or reserve allocations for an offer that does not exist in its approved form.
It further stated that such actions could mislead the public, distort market expectations, and create information imbalance within the investment environment.
The commission directed all capital market operators, including stockbrokers and digital investment platforms, to immediately cease all related promotions, advertisements, and solicitations.
It also ordered the removal of all related materials from online platforms within 24 hours and instructed operators to stop accepting any deposits, commitments, or expressions of interest tied to the alleged offer.
In addition, the SEC directed that any funds already collected in connection with the purported IPO must be reversed and refunded to investors within the same timeframe.
The regulator warned that failure to comply would attract sanctions under the Investments and Securities Act 2025 and applicable SEC regulations. It also advised investors to rely only on verified communications issued through official regulatory channels.
The commission reiterated that if any future public offering involving Dangote Petroleum Refinery and Petrochemicals FZE is approved, it will be announced through a formal prospectus made available to the investing public.
