The Securities and Exchange Commission has moved to halt all marketing and promotion of a purported Initial Public Offering linked to the Dangote Petroleum Refinery & Petrochemicals FZE, warning that no such offer has been filed or approved.
In a public notice issued on Tuesday, the Commission said it had observed a wave of advertisements, digital banners and electronic mails circulating across social media and investment platforms promoting the alleged IPO.
It expressed concern that some Registered Capital Market Operators were already engaging in what it described as premature and misleading solicitation of investors.
According to the regulator, no application for registration of an IPO or public offer of shares from the refinery has been received or cleared.
The SEC described the activities as capable of misleading the investing public, distorting market expectations and undermining the integrity of the capital market.
It further warned that tactics such as “pre-funding,” account creation and guaranteed allocation claims amounted to market abuse and serious breaches of existing securities laws.
Consequently, the Commission ordered all operators involved to immediately stop all promotional activities and pull down related materials across websites, social media platforms and messaging groups within 24 hours.
It also directed that no investor deposits or commitments should be accepted, while any funds already collected must be refunded within the same timeframe.
The regulator warned that defaulters would face sanctions under the Investments and Securities Act, 2025, stressing that enforcement would not be compromised.
SEC further advised investors to ignore high-pressure marketing campaigns and rely strictly on official communications from the Commission.
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