The Securities and Exchange Commission (SEC) has directed capital market operators to immediately stop the promotion and solicitation of investments linked to a purported public offering of Dangote Petroleum Refinery & Petrochemicals FZE.
The commission, in a public notice on Tuesday, described the activities as unauthorised and misleading.
The directive follows the circulation of advertisements, flyers, digital banners and online messages on social media and investment platforms inviting the public to subscribe to shares in the refinery.
SEC said it observed with concern the involvement of some registered capital market operators in soliciting advance subscriptions for a securities offer that had not been filed with or approved by the commission.
It stated that no application for an Initial Public Offering (IPO) or public share offer by Dangote Petroleum Refinery & Petrochemicals FZE had been submitted for approval.
According to the commission, the ongoing pre-marketing activities could mislead investors, distort market expectations, create information asymmetry and undermine the integrity of the capital market.
SEC added that the distribution of unapproved prospectuses, alongside invitations for investors to open accounts, pre-fund investments or secure guaranteed allocations, amounted to market manipulation and a breach of the Investments and Securities Act (ISA), 2025.
Consequently, the commission ordered all capital market operators, particularly stockbrokers and digital investment platforms, to immediately stop publishing or circulating promotional materials relating to the alleged share offer.
Operators were also directed to remove all unauthorised materials from websites, social media platforms and messaging channels within 24 hours.
SEC further instructed operators to desist from collecting deposits, commitments, account openings or expressions of interest from the public in connection with the purported offer.
It also ordered the reversal and refund of all funds already collected within 24 hours.
The commission warned that failure to comply with its directives would attract sanctions in line with the Investments and Securities Act, 2025, and its regulatory framework.
SEC advised investors to exercise caution and rely only on official announcements issued through approved regulatory channels.
It urged the public to disregard high-pressure marketing tactics and unsolicited requests for funds linked to any alleged pre-IPO placement involving the refinery.
The commission assured investors that any future approved public offer by the refinery would be duly published with an authorised prospectus in line with regulatory requirements.
It also encouraged investors to verify the registration status of securities and capital market operators through its official verification platforms.
