SEC declares Dangote Refinery share promotions illegal, orders refunds
By Aboki Forex —
The Securities and Exchange Commission (SEC) Nigeria has ordered an immediate stop to all promotional and pre-marketing activities linked to a supposed Dangote Petroleum Refinery public offer.
SEC confirmed that no Initial Public Offering (IPO) or public offer application has been filed with or approved by the Commission for Dangote Petroleum Refinery and Petrochemicals FZE.
The regulator warned that the ongoing marketing is misleading investors and amounts to market manipulation under the Investments and Securities Act.
SEC issued specific directives to all capital market operators. They must stop publishing or distributing any promotional materials for the purported offer. They must remove all unauthorised marketing materials within 24 hours. They must stop accepting deposits or expressions of interest. They must refund all funds already collected within 24 hours.
SEC urged the investing public to be cautious. Investors should verify the status of any securities offering before committing money. Only offers with SEC formal approval are legally allowed.
Investors or members of the public with complaints or information about violations can contact SEC via email at [email protected], by phone at +2342094621168-9 or 0916 772 3240, or through the official SEC website.
The directive was published on SEC's official X account on Tuesday, June 23, 2026.