SEC Halts Unauthorised Dangote Refinery IPO Promotion
Nigeria’s Securities and Exchange Commission (SEC) has issued a Cease and Desist Order, warning investors and capital market operators against unauthorised solicitations linked to a purported Initial Public Offering (IPO) of the Dangote Petroleum Refinery.
In a regulatory notice issued on June 23, 2026, the SEC clarified that no IPO, public offer, or share sale involving Dangote Petroleum Refinery has been filed with or approved by the Commission.
Consequently, any individual or organisation that solicits funds, opens investment accounts, collects expressions of interest, or promises guaranteed share allocations is operating outside the law.
The regulator described such activities as market manipulation and directed all affected operators to cease promotional activities immediately. The SEC issued four compliance orders to stockbroking firms, investment platforms, and other market intermediaries.
The regulator ordered parties to immediately stop publishing, distributing, or promoting any material relating to the sale of Dangote Refinery shares.
SEC demands removal of all unauthorised marketing content from websites, digital platforms, and social media channels within 24 hours.
The authority asked brokers to halt the acceptance of deposits, account openings, subscriptions, or expressions of interest connected to the purported offering.
The market regulator also said brokers should reverse all transactions and refund investors’ funds within 24 hours. According to the Commission, failure to comply will attract sanctions under the Investments and Securities Act (ISA) 2025.
The SEC advised members of the public to exercise caution and avoid making payments in response to advertisements circulated through social media platforms and online. Standard Bank Group Backs Dangote Refinery IPO
