SEC Bans Dangote Refinery IPO Promotion, Orders Refunds

The Securities and Exchange Commission (SEC) of Nigeria has issued a directive to cease all market promotions related to a purported initial public offering (IPO) for Dangote Petroleum Refinery and Petrochemicals FZE. This decision follows the discovery of a widespread promotional campaign across social media and investment channels that claimed to offer investment opportunities in the refinery without regulatory approval.

The SEC emphasized that no application for the IPO had been filed or approved, labeling the ongoing promotional activities as unauthorized and potentially harmful to investor integrity in Nigeria's capital market. The commission ordered all market operators involved to halt any related promotional activities and to remove such content from their platforms within 24 hours.

Furthermore, operators who have already collected funds from investors are instructed to refund these payments within the same timeframe. The SEC warned that failure to comply would result in sanctions under the Investment Securities Act of 2025.

The commission assured investors that an official application for the IPO would be made public once approved.