Follow Us on Google
From Adanna Nnamani, Abuja
The Securities and Exchange Commission (SEC) has warned prospective investors against fraudulent schemes as the N2.15 trillion Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals opened yesterday.
In a public notice signed by its management, the Commission confirmed that it had approved the public offer and urged investors to ensure that all applications and payments were made only through authorised receiving agents, approved subscription platforms and designated channels.
The warning comes amid heightened interest in the share sale, with millions of potential retail investors expected to participate in what is regarded as one of the largest public offerings in Nigeria’s capital market.
SEC advised investors to obtain information about the offer only through its official channels, the issuer’s authorised communication platforms and other approved sources.
The Commission also urged prospective subscribers to verify the authenticity of websites, links and digital platforms before providing personal or financial information.
It warned investors against transferring funds to individuals or entities claiming to facilitate subscriptions outside the approved channels, stressing that only entities specifically authorised to participate in the offer are permitted to receive applications or funds from investors.
The regulator further advised investors to confirm that any stockbroker, bank, fintech platform or capital market operator handling subscriptions is duly registered and authorised for the offer.
SEC specifically cautioned members of the public against responding to unsolicited phone calls, WhatsApp messages, emails, social media advertisements or other communications promising guaranteed allotments or preferential access to Dangote Refinery shares.
“Investors are advised to carefully review the approved prospectus and understand the risks, terms and conditions attached to the investment before making any commitment,” the Commission said.
It stressed that the mere existence of a company, individual, digital platform, website or social media account should not be interpreted as evidence of regulatory approval.
According to the Commission, prospective investors should seek guidance from SEC-registered stockbrokers, banks and investment advisers before making investment decisions.
It also urged investors to verify the registration status of any company, platform or individual offering investment services through its official verification portals before proceeding with any transaction.
The Dangote Refinery IPO, which opened on Monday, September 14, 2026, has attracted significant attention from retail and institutional investors amid expectations of strong participation in the offer.
