SEC Alerts Investors on Dangote Refinery IPO Fraud Risks

The Nigeria's Securities and Exchange Commission (SEC) issued a warning to prospective investors regarding fraudulent activities associated with the N2.15 trillion Initial Public Offering (IPO) of the Dangote Petroleum Refinery and Petrochemicals, which commenced on September 14, 2026. In an official notice, the SEC confirmed its approval of the public offer but expressed concerns about bad actors attempting to exploit the heightened public interest in the share sale.

The SEC advised investors to channel all applications and payments exclusively through authorized receiving agents and designated subscription platforms. It emphasized that only entities specifically authorized by the SEC may receive applications or funds from the public.

Investors were urged to verify the registration status of any stockbroker, bank, or fintech platform before proceeding and to avoid transferring funds to individuals or groups claiming to offer subscription services outside approved channels. The SEC also highlighted the use of unsolicited communications as a tactic to lure investors with false promises.