SEC Bans Promotion of Dangote Refinery IPO Amid Concerns

The Securities and Exchange Commission (SEC) issued a public notice on Tuesday banning the promotion of an unapproved Initial Public Offering (IPO) for Dangote Petroleum Refinery and Petrochemicals FZE. The SEC became aware of advertisements, including flyers and digital banners, targeting investors through social media and email, which purportedly promoted the refinery's securities.

The commission expressed concern that these activities involved registered capital market operators and described them as unwholesome market manipulation. The SEC stated that no application for the IPO had been filed for approval, and ongoing pre-market activities could mislead investors and distort market expectations, undermining the integrity of the capital market.

The commission directed registered capital market operators, particularly stockbrokers and digital platforms, to immediately cease all promotional activities related to the purported offer and to remove unauthorized marketing materials. Additionally, the SEC instructed operators to reverse and refund any funds collected related to this offer within 24 hours, warning that non-compliance would attract sanctions under the Investment and Securities Act (ISA) of 2025.