SEC orders prompt halt to Dangote Refinery IPO promotions

The Securities and Exchange Commission has ordered an immediate halt to all marketing and promotional activities for a purported initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE, stating that no application for such an offering has been filed or approved. The directive was issued in a public notice on Tuesday, June 23, 2026.

The regulator said it had observed advertisements, flyers, digital banners, and targeted emails circulating on social media and investment platforms promoting an alleged public offering by the refinery. It expressed serious concern that some registered capital market operators were involved in what it described as an unwholesome and manipulative exercise, actively soliciting advance subscriptions from investors for an offer that has not been presented for regulatory approval.

According to the commission, these pre-marketing activities are capable of misleading investors, distorting market expectations, creating information asymmetry, and undermining the integrity of Nigeria's capital market. It stated that invitations asking investors to create accounts, pre-fund transactions, or secure guaranteed allocations amount to market...