If you have seen advertisements, digital flyers, or emails inviting you to “pre-fund” or “secure guaranteed allocations” in a Dangote Petroleum Refinery IPO — stop.
The Securities and Exchange Commission (SEC) has confirmed the offer is unauthorised, and the people promoting it are now under a formal regulatory order to refund every kobo collected.
In a public notice issued on Tuesday, June 24, 2026, the SEC said it had become aware of advertisements, flyers, digital banners, and targeted emails circulating on social media platforms and investment channels concerning a supposed securities offering by Dangote Petroleum Refinery & Petrochemicals FZE.
The commission was unambiguous about the legal status of the offer.
“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,” it stated.
Registered Operators Named — Capital Market Integrity at Risk
What troubled the SEC beyond the fake campaign itself was the involvement of licensed professionals.
The regulator expressed particular concern over the role of some Registered Capital Market Operators (CMOs) — firms legally authorised to operate in Nigeria’s capital markets — in what it described as an “unwholesome and manipulative exercise” of soliciting advance subscriptions for an unapproved offering.
The SEC said the marketing activities were “capable of misleading investors, distorting market expectations, creating information asymmetry and generally undermining the integrity of the capital market.”
Furthermore, the commission said invitations to create accounts, pre-fund, or secure allocations amounted to market manipulation and constituted “serious violation of the Investments and Securities Act.”
Operators Have 24 Hours to Act — or Face Sanctions
The SEC’s orders were specific and time-bound. All operators involved must immediately stop publishing, reposting, or distributing any promotional material linked to the purported Dangote Refinery IPO.
They must also remove all such materials from websites, social media handles — including X, LinkedIn, Instagram, and Facebook — and messaging groups within 24 hours of the notice.
Critically, operators must “reverse and refund all funds already collected in connection with this purported offering to clients within twenty-four (24) hours.” Failure to comply, the SEC warned, will attract penalties under the Investments and Securities Act, 2025, and the SEC Rules and Regulations.
The commission also advised investors directly.
“All such high-pressure marketing tactics, or transfer of funds to any operator for ‘pre-IPO’ placement should be ignored as they did not receive the commission’s approval,” it said.
The SEC assured the public that if a legitimate Dangote Refinery IPO application is eventually filed and cleared, an approved prospectus will be made available through official channels in line with the law.
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