SEC Confirms No IPO Application from Dangote Refinery

The Securities and Exchange Commission (SEC) of Nigeria, represented by Kayod Toked, stated that it has not received any application for an Initial Public Offering (IPO) from Dangote Petroleum Refinery Petrochem FZE. The SEC cautioned stakeholders against engaging in promotional activities that could mislead investors regarding a non-existent IPO.

The commission highlighted that advertisements, including flyers and digital banners circulating on social media, are not authorized and could distort market expectations, creating information asymmetry that undermines the integrity of the capital market. The SEC ordered all market operators, particularly stockbrokers, to cease any promotional activities related to the refinery's supposed IPO immediately.

They must also remove unauthorized materials from websites and social media platforms within 24 hours. Failure to comply may result in sanctions under the Investment and Securities Act of 2025.

The SEC reassured that any legitimate IPO application would be processed according to regulatory provisions.