SEC orders halt to marketing for Dangote refinery IPO

Nigeria’s Securities and Exchange Commission has ordered an immediate halt to the marketing of a purported initial public offering by Dangote ‌Petroleum Refinery & Petrochemicals FZE, saying no application has been filed or approved.

The regulator said it had identified advertisements, digital campaigns and investment solicitations promoting shares in the refinery across social media and other channels.

Some registered capital market operators were involved in seeking advance subscriptions, it added.

“No application for the registration of an IPO or public offer of shares of the refinery has been filed with or approved by the Commission,” the SEC said.

Dangote Petroleum Refinery, in a statement on X, reiterated its March position that it has not authorised any IPO-related marketing, described recent online reports ‌and solicitations as unauthorised and inaccurate, and said any potential offering would only be communicated through formal regulatory disclosures.

The SEC warned that the promotions — including requests to pre-fund accounts or secure allocations — could mislead investors, distort market expectations and undermine market integrity.

It directed operators to immediately stop related promotional activities, remove materials within 24 hours and refund any funds already collected. It warned of sanctions for non-compliance.

The refinery, owned by billionaire Aliko Dangote, began operations in 2024 and is expected to transform Nigeria’s fuel market. Its planned IPO scheduled for later this year had drawn widespread interest.