Nigeria’s Securities and Exchange Commission (SEC) has ordered an immediate suspension of marketing activities linked to a purported initial public offering (IPO) for Dangote Petroleum Refinery & Petrochemicals FZE, saying no formal application for the share offering has been submitted or approved.
The regulator said it had identified advertisements, online campaigns and investment solicitations promoting shares in the refinery through social media and other channels.
The SEC said some registered capital market operators were involved in efforts to attract advance subscriptions from investors despite the absence of regulatory approval.
“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 commission warned that the promotional activities, including requests for investors to pre-fund accounts or secure share allocations, could mislead the public, create false market expectations and undermine confidence in Nigeria’s capital markets.
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It directed all operators involved to immediately stop promotional activities related to the purported offering, remove all marketing materials within 24 hours and refund any money already collected from investors.
The regulator also warned that firms and individuals who fail to comply could face sanctions.
Dangote Petroleum Refinery, owned by Africa’s richest businessman Aliko Dangote, separately said it had not authorised any IPO-related marketing campaign.
In a statement posted on X, the company reiterated its earlier position from March that any future share offering would only be announced through official regulatory channels.
The refinery described recent online reports and investment solicitations as unauthorised and inaccurate, urging the public to rely only on formal disclosures.
The SEC’s intervention comes amid strong investor interest in the refinery, which began operations in 2024 and is expected to significantly reshape Nigeria’s fuel supply market.
The $20 billion facility, located in Lagos, is one of the world’s largest oil refineries and was built to reduce Nigeria’s dependence on imported petroleum products.
The refinery’s planned IPO, expected later this year, had attracted significant attention from investors seeking exposure to one of Nigeria’s most important industrial projects.
The SEC said regulatory approval is required before any company can publicly market securities or seek investment from the public, adding that enforcement measures are necessary to protect investors and maintain market integrity.
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Nigeria has been working to deepen its capital markets by encouraging more companies to list shares while strengthening oversight to prevent fraudulent investment schemes.
Analysts said the regulator’s action highlights the importance of ensuring that major public offerings follow proper approval procedures to protect investor confidence.
The SEC said it would continue monitoring market activities and take action against unauthorised fundraising or securities promotions.
