Nigeria’s Securities and Exchange Commission (SEC) has directed capital market operators to immediately halt all promotional and marketing activities linked to a purported Initial Public Offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE, stating that no application for such an offer has been submitted to or approved by the regulator.
The directive follows the circulation of advertisements, flyers, digital banners and targeted emails promoting what was presented as a public offering by the refinery. According to the SEC, some registered capital market operators were actively soliciting advance subscriptions and encouraging investors to participate in an offering that had not received regulatory approval.
In a public notice, the Commission described the activities as misleading, manipulative and potentially harmful to investor confidence and the integrity of the Nigerian capital market. It stressed that no prospectus, IPO registration documents or public offer application relating to the refinery had been filed for consideration.
The SEC ordered all operators involved in the promotion to immediately cease such activities and warned that any violations of capital market regulations could attract sanctions. The regulator also cautioned investors against making payments or commitments based on unofficial offers that lack regulatory approval.
The development comes amid growing speculation about a future stock market listing of the refinery, which has been widely regarded as a potential landmark offering due to the scale of the project. However, the SEC emphasised that any eventual public share sale must comply fully with regulatory requirements before it can be marketed to investors.
Owned by Africa’s richest businessman, Aliko Dangote, the refinery is one of the largest industrial projects on the continent and plays a key role in Nigeria’s efforts to strengthen domestic fuel production and reduce dependence on imports.
