Nigeria’s capital market regulator has issued a strong warning to investors and market intermediaries following the circulation of promotional materials suggesting that shares of Dangote Petroleum Refinery and Petrochemicals FZE are available for public subscription.
In a notice released on Tuesday, the Securities and Exchange Commission (SEC) clarified that it has not received, reviewed, or authorised any public share offering involving the refinery.
The commission expressed concern over the growing spread of advertisements and investment solicitations appearing across digital platforms and investor networks.
The regulator stated that several promotional campaigns were encouraging members of the public to position themselves for allocations in a purported offering despite the absence of any regulatory clearance.
According to the commission, such activities have the potential to create unrealistic expectations among investors and undermine confidence in the integrity of the capital market.
As part of its directive, the SEC instructed all registered capital market operators to discontinue any form of marketing, commentary, or distribution of materials connected to the proposed transaction.
The order applies to stockbrokers, investment platforms, financial advisers, and other market participants involved in disseminating information relating to the alleged offer.
The commission also demanded the immediate removal of all related promotional content from websites, social media channels, messaging groups, and other communication platforms used to reach investors.
In addition, operators were directed to stop receiving funds, commitments, expressions of interest, or account registrations tied to the purported share sale. Where money has already been collected from prospective investors, the SEC instructed that such funds be returned promptly.
The regulator warned that failure to comply with the directive could attract enforcement measures under the Investments and Securities Act 2025 as well as other applicable market regulations.
Investor Protection Remains a Priority
The SEC reiterated that investors should rely solely on officially approved disclosures and avoid responding to unsolicited offers that promise guaranteed access to shares or preferential allocations.
The commission noted that any legitimate public offering would follow established regulatory procedures, including the filing of necessary documentation and publication of an approved prospectus for public review.
The warning comes amid growing interest in the possibility of a future public listing involving Dangote Refinery, one of Africa’s largest refining projects.
Market speculation has intensified following reports that the company may consider selling a minority stake through a public offering at a later date.
However, the SEC stressed that no such transaction has reached the approval stage and urged the investing public to exercise caution when approached with investment opportunities claiming to be connected to the refinery.