Banks Warn Nigerians of Scams Amid Dangote Refinery IPO

Financial institutions, including Access Bank (NGX: ACCESSCORP), Zenith Bank (NGX: ZENITHBANK), and UBA (NGX: UBA), have issued warnings to Nigerians regarding potential scams targeting investors interested in the Dangote Refinery Initial Public Offering (IPO). The IPO, launched by Dangote Industries Limited, involves 4.1 billion shares priced at N525 each, aiming to raise approximately N2.15 trillion.

Within the first six hours of trading, subscriptions reportedly reached about N1.5 trillion, indicating high investor interest. In response to the excitement surrounding the offer, the Securities and Exchange Commission (SEC) cautioned investors to avoid dealing with unauthorized individuals or platforms, confirming its approval of the public offer.

Banks have reinforced this warning, advising customers to be wary of unsolicited communications and to never disclose sensitive banking details. Access Bank specifically reminded customers that they will never ask for full card numbers, PINs, CVVs, or OTPs through unsolicited messages.

Investors are encouraged to verify investment instructions independently and use official channels for transactions.