The Securities and Exchange Commission (SEC) has ordered capital market operators to immediately stop all promotional activities linked to a purported initial public offering (IPO) involving Dangote Petroleum Refinery and Petrochemicals FZE, stating that no such offer has been submitted to or approved by the regulator.
In a public notice released on Tuesday, the commission said it had observed widespread circulation of advertisements, flyers, digital banners and electronic messages promoting the alleged IPO across social media platforms and investment channels.
According to the SEC, some registered capital market operators were also involved in the promotional campaign, raising regulatory concerns over compliance with existing investment laws.
The commission described the activity as misleading and potentially harmful to the integrity of the capital market, warning that it could deceive investors and distort market expectations.
It further noted that any attempt to solicit advance subscriptions, encourage account creation or promise guaranteed allocations for an unapproved offer constituted market abuse and a violation of securities regulations.
The SEC directed all capital market operators, including stockbrokers and digital investment platforms, to immediately halt all forms of promotion related to the purported offering. It also instructed them to remove all related content from websites, social media pages and messaging platforms within 24 hours.
Operators were further ordered to stop accepting investor funds or expressions of interest tied to the alleged IPO and to refund any money already collected within the stipulated timeframe.
The regulator warned that failure to comply with the directive would attract sanctions under the Investments and Securities Act 2025 and SEC rules.
It also cautioned investors to be wary of unauthorized investment promotions and to rely only on verified communications issued through official SEC channels.
The commission emphasized that any legitimate public offering involving Dangote Petroleum Refinery and Petrochemicals FZE would only proceed after formal approval, with a duly issued prospectus made available to the investing public.
Reports had earlier indicated that the Dangote Group is planning a potential sale of a minority stake in its refinery through a Pan-African IPO expected in 2026, though no regulatory approval has yet been granted.
