SEC stops marketing of Dangote refinery IPO, says no approval given
By Aboki Forex —
Nigeria’s Securities and Exchange Commission has ordered an immediate stop to the marketing of a supposed initial public offering by Dangote Petroleum Refinery. The regulator said no application has been filed or approved.
The SEC said it spotted advertisements, digital campaigns and investment offers promoting shares in the refinery on social media and other platforms. Some registered capital market operators were involved in seeking advance subscriptions, the commission added.
“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.
Dangote Petroleum Refinery also issued a statement on X, repeating its March position that it has not authorised any IPO-related marketing. It described recent online reports and solicitations as unauthorised and inaccurate. The company said any potential offering would only be announced through formal regulatory disclosures.
The SEC warned that the promotions, including requests to pre-fund accounts or secure allocations, could mislead investors, distort market expectations and harm market integrity. It directed operators to stop all promotional activities immediately, remove related materials within 24 hours and refund any money already collected. It warned of sanctions for those who do not comply.
The refinery, owned by billionaire Aliko Dangote, started operations in 2024. It is expected to change Nigeria’s fuel market. Its planned IPO, scheduled for later this year, had drawn widespread interest.