Nigeria’s Securities and Exchange Commission (SEC) has ordered the immediate suspension of all marketing activities linked to a purported initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, stating that no application for such an offer has been filed with or approved by the regulator.
The directive follows the circulation of advertisements, digital campaigns and investment solicitations promoting shares in the refinery across social media and other platforms.
According to the SEC, some registered capital market operators were allegedly involved in seeking advance subscriptions from investors, including requests for account pre-funding and payments to secure future share allocations.
“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 in a statement.
The regulator ordered all operators linked to the promotions to cease the activities immediately, remove related marketing materials within 24 hours and refund any monies already collected from investors. It warned that non-compliance could result in regulatory sanctions.
The intervention comes amid strong market interest in Dangote Refinery, one of Africa’s largest industrial projects. Owned by billionaire Aliko Dangote, the refinery commenced operations in 2024 and is expected to significantly reduce Nigeria’s reliance on imported refined petroleum products while strengthening the country’s energy sector.
Given the refinery’s strategic importance and visibility, any future public listing is expected to attract considerable investor interest across Nigeria and the wider African market.
Dangote Petroleum Refinery has also distanced itself from the ongoing IPO-related promotions. In a statement posted on X, the company reiterated an earlier position that it had not authorised any IPO marketing activities and described recent reports and investment solicitations as inaccurate and unauthorised.
The company added that any future public offering would be announced through official channels and regulatory disclosures.
The SEC noted that unauthorised investment campaigns can mislead investors, distort market expectations and undermine confidence in the capital market. The regulator stressed that public offers can only proceed after the completion of required regulatory processes, including the filing and approval of disclosure documents containing financial information, risk factors, governance details and other material information needed to protect investors.
The commission’s response signals a broader commitment to maintaining market integrity and ensuring that licensed operators comply with securities regulations.
While reports suggest that a Dangote Refinery IPO could eventually materialise, the SEC has made it clear that no such offer currently exists. As a result, investors have been advised to rely only on official company announcements and approved regulatory disclosures before committing funds to any investment opportunity linked to the refinery.
For now, the regulator’s position remains firm: there is no approved Dangote Refinery IPO, no authorised public share sale, and no legitimate basis for collecting funds from investors in anticipation of such an offer.
