Nigeria’s SEC Blocks Unapproved Promotion of Dangote Refinery IPO

June 25, 2026
By Mintesinot Nigussie

Nigeria’s Securities and Exchange Commission (SEC) has moved to stop the promotion of a purported initial public offering (IPO) linked to Dangote Petroleum Refinery and Petrochemicals FZE, saying no application for the offer has been submitted or approved by the regulator.

The commission said it had identified the circulation of promotional materials, including advertisements, digital banners, flyers and emails, encouraging investors to participate in a proposed public offering by the refinery.

SEC said some licensed capital market operators were involved in promoting the offer and collecting investor interest despite the absence of regulatory approval.

The regulator has directed market operators to remove all related promotional content from their websites, social media platforms and other communication channels. It also ordered them to stop receiving deposits, opening investment accounts or collecting commitments connected to the proposed IPO.

Operators that have already collected funds linked to the offer were instructed to return the money to investors within 24 hours, according to the commission.

The SEC warned that failure to comply with the directive could result in regulatory sanctions under Nigeria’s Investments and Securities Act 2025 and relevant SEC rules.

The commission advised investors to avoid invitations requiring advance payments or promising guaranteed allocations, noting that any future public offering by Dangote Petroleum Refinery would only proceed after obtaining regulatory approval and issuing an approved prospectus.

The move follows market discussions around plans by Dangote Group to sell a 10 percent stake in its refinery through a Pan-African IPO expected in 2026. The refinery, with a reported capacity of 650,000 barrels per day, is among Africa’s largest refining projects.

Source: FSX Business News