SEC warns against unapproved Dangote Refinery share offer promotions
The Securities and Exchange Commission (SEC) has directed an immediate halt to the marketing and promotion of a purported initial public offering (IPO) linked to the Dangote Petroleum Refinery & Petrochemicals FZE, stating that no such application has been submitted or approved by the regulator. In a public notice issued on Tuesday, the Commission said it had observed several online advertisements, flyers, digital banners and targeted messages circulating on social media and investment platforms promoting a supposed share offer by the refinery. The SEC expressed concern that some registered capital market operators were reportedly involved in what it described as unauthorized pre-marketing activities, including attempts to solicit early subscriptions for an offer that has not been filed with the Commission. According to the regulator, no IPO application or public share offer for the refinery has been received or approved, warning that the ongoing promotions could mislead investors and distort market confidence. The Commission further noted that activities such as encouraging the public to “pre-fund,” “create accounts,” or “secure allocations” amounted to market abuse and violated provisions of existing securities laws. It therefore ordered all capital market operators, including brokers and digital investment promoters, to immediately stop circulating any related promotional content. They were also instructed to remove such materials from websites, social media platforms, and messaging channels within 24 hours.
In addition, the SEC directed operators to cease accepting investor deposits or expressions of interest tied to the alleged offer and to refund any funds already collected within the same timeframe. The regulator warned that failure to comply would attract sanctions under the Investments and Securities Act, stressing that investors should rely only on official communications issued directly by the Commission. It also cautioned the public against high-pressure investment claims relating to any “pre-IPO” placement that has not been formally approved. The SEC added that if a legitimate public offer is eventually filed and cleared, it will publish an official prospectus for investors in line with regulatory requirements.
#UTVAfrica#
